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Jim Simpson has gathered the following information for his 2020 federal tax return: Amount ($) Earnings from wages 49,500.00 Interest earned from GIC 125.00 Eligible
Jim Simpson has gathered the following information for his 2020 federal tax return:
Amount ($) | |
Earnings from wages | 49,500.00 |
Interest earned from GIC | 125.00 |
Eligible dividend income | 200.00 |
RRSP deduction | 2,500.00 |
Savings account interest | 75.00 |
Child care deduction | 6,700.00 |
Union Dues | 480.00 |
Total non-refundable tax credit amounts | 13,800.00 |
Federal income tax deducted at source | 7,168.00 |
Filing status - head of household |
Calculate the following items from his annual return and match the correct values from the drop-down list on the right.
Total Income | Answer 1Choose...$46,520.00$3,963.007.95%12.11%15%$2,070.00$40,296.00$1,123.60$6,044.40$3,193.60$49,900.00$2,980.00$9,690.00$47,976.00$49,500.00$26,420.00$3,974.40$23,480.00 |
Total Deductions | Answer 2Choose...$46,520.00$3,963.007.95%12.11%15%$2,070.00$40,296.00$1,123.60$6,044.40$3,193.60$49,900.00$2,980.00$9,690.00$47,976.00$49,500.00$26,420.00$3,974.40$23,480.00 |
Taxable Income | Answer 3Choose...$46,520.00$3,963.007.95%12.11%15%$2,070.00$40,296.00$1,123.60$6,044.40$3,193.60$49,900.00$2,980.00$9,690.00$47,976.00$49,500.00$26,420.00$3,974.40$23,480.00 |
Federal Tax Liability | Answer 4Choose...$46,520.00$3,963.007.95%12.11%15%$2,070.00$40,296.00$1,123.60$6,044.40$3,193.60$49,900.00$2,980.00$9,690.00$47,976.00$49,500.00$26,420.00$3,974.40$23,480.00 |
Average Federal Tax Rate | Answer 5Choose...$46,520.00$3,963.007.95%12.11%15%$2,070.00$40,296.00$1,123.60$6,044.40$3,193.60$49,900.00$2,980.00$9,690.00$47,976.00$49,500.00$26,420.00$3,974.40$23,480.00 |
Refund Amount |
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