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Question 3 (12 marks) Martin has Net Income for Tax Purpose of $126,420 ($100,000 rental income and the rest is taxable capital gain). His wife
Question 3 (12 marks) Martin has Net Income for Tax Purpose of $126,420 ($100,000 rental income and the rest is taxable capital gain). His wife has Net Income for Tax Purpose of $1,200. They have three children age 14, 16 and 21. All of kids are in good health and live at home. The 21-year-old child has Net Income for Tax Purpose of $7,240 and tuition expense of $6,200 this year which he plans to transfer the maximum amount to his dad. During the year Martin pays for the following medical expenses Himself $2,450 Wife $3,240 14-year-Old Child 16-year Old Child 21-year Old Child $1,450 4.5 $14,320 Total Calculate ALL Martin's Tax Credits available to him
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