Question
Read the below scenario to answer Questions 20 to 27: Mr. Martin Bowles is 63 years old and is employed by, Dominion Brass, a large
Read the below scenario to answer Questions 20 to 27:
Mr. Martin Bowles is 63 years old and is employed by, Dominion Brass, a large public company.
During 2022, his Net Income and Taxable Income was correctly calculated to be $139,500. Already included in this amount is qualifying pension income from a former employer in the amount of $5,000.
His employer withheld the following amounts from his salary during 2022:
EI Premiums 890 CPP Contributions 3,166
Mr. Bowles is married and has two children:
Sally, Martin's spouse, has 2022 income of $3,450.
Marie is 14 years old and has income of $2,300. All of this income resulted from the investment of rewards that she has received for science projects.
Ellen is 19 years old and attends university on a full-time basis for 8 months during 2022. Martin pays her tuition costs of $9,800, as well as the cost of textbooks and supplies which costs $1,500. As Ellen has net income of $14,000, she has agreed to transfer all of her education related tax credits to Martin.
The family's 2022 medical expenses, all paid for by Mr. Bowles, are as follows:
Martin $ 2,500 Sally 1,850 Marie 1,600 Ellen 6,540
Total $12,490
During 2022, Mr. Bowles makes donations to registered charities of $1,400.
Question 20 (1 point)
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What is the amount that can be claimed under the CPP tax credit?
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Question 21 (2 points)
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What is the maximum amount that can be transferred and claimed under the Tuition tax credit?
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Question 22 (3 points)
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What is the Federal Taxes Payable before tax credits is applied?
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Question 23 (1 point)
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What is the amount that can be claimed under the Basic Personal Amount tax credit?
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Question 24 (2 points)
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What is the amount that can be claimed under the Charitable Donations tax credit?
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Question 25 (5 points)
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What is the amount that can be claimed under Medical Expense tax credit by Mr. Bowles?
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Question 26 (3 points)
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Which of the following tax credit can be claimed by Mr. Bowles?
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Question 27 (1 point)
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What is the amount that can be claimed under the Spousal Amount tax credit?
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