Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mark's income this past year included a salary of 170 000 and $4000 from selling stock from his TFSA account . Marc also contributed 30

Mark's income this past year included a salary of 170 000 and $4000 from selling stock from his TFSA account . Marc also contributed 30 000 to an RRSP account .
Question :What is Marc's total taxable income ??
image text in transcribed
Marc's income this past year included a salary of $170 000 and $4000 from selling some stock from his TESA account. Marc also contributed $30,000 to an RRSP. i) Calculate Marc's total taxable income. Marc's total taxable income is = $ 144 000 * (Your answer should be accurate to a whole number) ii) Calculate the amount of taxes that Marc owes Federal government. Marc owes the Federal government $ 20763 * (Your answer should be accurate to a whole number) iii) Calculate the amount of taxes that Marc owes the Quebec government. Marc owes the Quebec government $ 28220 X (Your answer should be accurate to a whole number) iv) Calculate Marc's total tax payable. Marc's total tax payable = $ 48983 X (Your answer should be accurate to a whole number) Check

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

Can negative outcomes associated with redundancy be avoided?

Answered: 1 week ago

Question

Understand the key features of recruitment and selection policies

Answered: 1 week ago