Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Non Refundable Tax credit Question Carolyn, age 50, earns a salary of $88,000 as an employee at George Brown College. She has contributed the maximum

Non Refundable Tax credit Question

Carolyn, age 50, earns a salary of $88,000 as an employee at George Brown College. She has contributed the maximum amount of CPP ( $3, 167) and EI premiums ($889) for the 2021 taxation year. Carolyn is married to Jim who is currently taking a Masters degree on a full time basis. As such he is a student, and has taxable income of $3,800 from his non-registered investment portfolio. His tuition for Masters is $15,000 per year and he is willing to transfer the maximum amount of tuition to Carolyn. The family has total medical expenses of $ 4,289 and they contributed $ 3,330 to charities in total. . Carolyn also takes classes on a part time basis, with tuition of $2,000 for the year. They bought their first home this year after renting an apartment for many years.

Required: Calculate Carolyns Net Income for Tax purposes, Taxable income and minimum Taxes Payable (after non-refundable tax credits).

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

Organizational Change

Authors: Barbara Senior, Stephen Swailes

5th Edition

1292063831, 9781292063836

More Books

Students also viewed these Accounting questions

Question

What is the NPV for Southwest Airlines?

Answered: 1 week ago

Question

Write a program to check an input year is leap or not.

Answered: 1 week ago

Question

Write short notes on departmentation.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

How do people respond to cultural diff erences in communication?

Answered: 1 week ago

Question

How does communication shape cultures and social communities?

Answered: 1 week ago