Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need a help with this question plz Required: Determine the maximum amount of 2022 personal tax credits, including transfers from a spouse or depeadaot, that

need a help with this question plz image text in transcribed
image text in transcribed
Required: Determine the maximum amount of 2022 personal tax credits, including transfers from a spouse or depeadaot, that can be applied against federal Tax Payable by the taxpayer in each of the following indepeodent Cases. A calculation of Tax Payable is NOT required. 1. Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year. 2. Mrs. Thomas has Net Income for Tax Purposes of $250,000, all of which is employment income. Her employer has withheld and remitted the required FI and CPP amounts. Mrs. Thomas was married on December 1. 2022. Her wife, a nursing student, had salary of $21,000 for the period from January 1 to November 30,2022 and $3,200 for the month of December 2022 . 3. Mr. Jackson has Net Income for Tax Purposes of $75,000, all of which is rental income, He lives with his common-law wife and their 2 children. The children are 7 and 8 years of age and have no income for the year. His wife has Net tncome for Tax Purposes of $8,500. 4. Mrs. James is married and has Net Ineome for Tax Purposes of $110,000, none of which is employment iscome or income from self-employment. Her 19-year-old dependent daughter attends university. Her husband has Net theome for Tax Purposes of $10,500, and her daughter has Net Income for Tax Purposes of $5,500. Her daughter does not wish to transfer ber tuition, education or textbook credits. 5. Mr. Morat is 68 years old and has Net Income for Tax Purposes of $29,500, which is comprised of Old Age Security benefits and pension income paid out of his Registered Retirement Income Fund. He is single and be has a son who is 13 years old and is deaf. He has no ineome of his ewr. 6. Ms. Young is 'divoreed and maintains a residence far from her former spouse. She has custody of the 2 children from the marriage. They are aged 9 and 12 and in good health. They both earn $750 from paper routes. Her Net Income for Tax Purposes is $72,000, all of which is spousal support payments. \begin{tabular}{|l|l|} \hline 1 Particulars (Mr. Holm) & Amount \\ \hline Basic Personal Amount & 11809 \\ \hline Spouse Amount & \\ Mother Amount & \\ \hline El Amount & \\ CPP Amount & \\ Canada Employment & \\ Eligible Dependent Amount & \\ Age Amount & \\ Pension Amount & \\ Canada Caregiver Amount & \\ \hline \end{tabular}

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

Auditing Principles Techniques And Practices

Authors: Mustaq Ahmad, Mohd Ashraf Ali

1st Edition

8184841949, 978-8184841947

More Books

Students also viewed these Accounting questions

Question

Explain the causes of indiscipline.

Answered: 1 week ago