Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1: Inderpreet Kaur is 43 years old and divorced from her husband. Her Net Income For Tax Purposes for 2020 is 54,578. She has retained

 1:

Inderpreet Kaur is 43 years old and divorced from her husband. Her Net Income For Tax Purposes for 2020 is 54,578. She has retained the family home and both of the children of the marriage live with her. Her son is 23 years old and suffers from mental impairment. He does not qualify for the disability tax credit. Her daughter is 14 years old and in good health. Her son has Net Income For Tax Purposes of  21,290 during the year, while her daughter has Net Income For Tax Purposes of 1,346. The only other credit Ms. Kaur qualifies for is the basic personal tax credit. Determine Ms. Kaur’s maximum federal tax credits for 2020.


 2:

Mr. Calvin Keane has a spouse and a 20 year old dependent son. Mr. Keane’s 2020 Net Income For Tax Purposes is 92,664. For 2020, Mr. Keane’s spouse has no income and his son has Net Income For Tax Purposes of 5,532. During 2020, Mr. Keane and his spouse have medical expenses of 4,432 . His son has medical expenses of 8,788 which Mr. Keane paid. Determine Mr. Keane’s medical expenses credit for 2020.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Answer 1 Federal Tax credit is the amount that can be reduced from the taxes payable ... 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

Canadian Income Taxation Planning And Decision Making

Authors: Joan Kitunen, William Buckwold

17th Edition 2014-2015 Version

1259094332, 978-1259094330

More Books

Students also viewed these Accounting questions