Question
John is 45 yrs old and has employment income of $92,100. His wife Marcia is 37 yrs old and has income of $8,600. They have
John is 45 yrs old and has employment income of $92,100. His wife Marcia is 37 yrs old and has income of $8,600. They have no children. However, they provide in home care for Marcia's dad who is 61 yrs old dependant because of a physical infirmity and has no income. His disability is not severe enough to qualify for the disability tax credit. Also, living with them is John's 67 yr old father and 63 yr old mother. They are both in good physical and mental health. John's father has a net income of $23,200 and his mother has net income of $11,700.
If the income was from employment, the employer withheld the maximum EI premium and CPP contribution
Calculate the minimum 2016 federal tax payable for John. Indicate any carry forwards available to him and his dependants and the carry forward provided. Ignore any amounts John might have withheld for taxes or paid in tax installments and the possibility of pension splitting
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started