Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Income taxation bracket 0 to $45282-15% 45282-90563-20.5% 90563-140388-26% 140388-200000-29% 200000+ -33% FCA: Basic personal amount for taxpayer:11474, the amount added for impaired individual: 2121 caregiver

image text in transcribed

Income taxation bracket 0 to $45282-15% 45282-90563-20.5% 90563-140388-26% 140388-200000-29% 200000+ -33% FCA: Basic personal amount for taxpayer:11474, the amount added for impaired individual: 2121 caregiver tax credit: personal amount: 4667, The base for the credit is reduced by the amount of the dependent's net income in access of $15490 Infirm dependent tax credit: basic amount:6788, The base for the credit is reduced by the amount of the dependent's net income in access of $6807 threshold amount for medical:2237 Education:full time: 400*15% per month, part time: 120*15%[education tax credit] Textbooks: (15%*65]/month for full time and [15%*20]/month for part time ancillary and examination:250 is reduced(covered by the tax credit] Basic cumulative formula = [Ax B/30]-C-D-E A is prescribed amount=$800 D-notional amount of interest since the due date for vehicle with lease in excess of $1000 Anti avoidance formula= [A x B/0.85C]-D-E B-Prescribed amount=30000 C= 35294 if the list price(price of the car is less than $35294) Income taxation bracket 0 to $45282-15% 45282-90563-20.5% 90563-140388-26% 140388-200000-29% 200000+ -33% FCA: Basic personal amount for taxpayer:11474, the amount added for impaired individual: 2121 caregiver tax credit: personal amount: 4667, The base for the credit is reduced by the amount of the dependent's net income in access of $15490 Infirm dependent tax credit: basic amount:6788, The base for the credit is reduced by the amount of the dependent's net income in access of $6807 threshold amount for medical:2237 Education:full time: 400*15% per month, part time: 120*15%[education tax credit] Textbooks: (15%*65]/month for full time and [15%*20]/month for part time ancillary and examination:250 is reduced(covered by the tax credit] Basic cumulative formula = [Ax B/30]-C-D-E A is prescribed amount=$800 D-notional amount of interest since the due date for vehicle with lease in excess of $1000 Anti avoidance formula= [A x B/0.85C]-D-E B-Prescribed amount=30000 C= 35294 if the list price(price of the car is less than $35294)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students explore these related Accounting questions