Question
Read the below situation to answer Questions 18 to 30: Vincent is 63 years old and is an employee at Centennial University with a salary
Read the below situation to answer Questions 18 to 30:
Vincent is 63 years old and is an employee at Centennial University with a salary of $150,000.In addition to his salary, he has income of $10,000 from a registered pension plan from a previous job. His employer has withheld the maximum EI premium of $856 and CPP contribution of $2,732. He does not qualify for enhanced CPP.Vincent has no Division C deduction, therefore his taxable income is equal to his net income.
His wife Diane is 66 years old and has net income for tax purposes of $6,100.
They have a 20 year old son who lives at home. He is dependent because of a physical infirmity, but it is not severe enough to qualify him for the disability tax credit. However, he is able to attend college on a full-time basis for 8 months during 2020. John pays his tuition fees of $9,400, as well as $720 for the textbooks that he requires in his program. The son has Net Income For Tax Purposes of $8,350. The son agrees to transfer the maximum of his tuition fee amount to Vincent.Vincent installed walking bars to make their home more accessible for his son which cost $500.The son decided he would pay for the walking bars as they were for his benefit.There were no other medical expenses for the family.
Question 18(2 points)
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What is Vincent's Taxable Income?
Question 18 options:
160,000
150,000
140,000
0
None of the above
Question 19(4 points)
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What is Vincent's Federal Tax before Credits?
Question 19 options:
36,778
33,878
33,829
30,992
None of the above
Question 20(3 points)
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How much of the Basic Personal Amount tax credit, before 15% is applied, can Vincent claim?
Question 20 options:
13,229
13,090
12,298
12,159
None of the above
Question 21(3 points)
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How much of the Spousal Amount tax credit, before 15% is applied, can Vincent claim?
Question 21 options:
13,229
12,298
7,129
6,990
None of the above
Question 22(2 points)
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How much of the Canada Caregiver, before 15% is applied, can Vincent claim?
Question 22 options:
9,549
7,276
2,273
0
None of the above
Question 23(2 points)
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How much of the Eligible Dependent tax credit, before 15% is applied, can Vincent claim?
Question 23 options:
13,229
8,350
4,879
0
None of the above
Question 24(3 points)
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How much of the EI plus CPP tax credit, before 15% is applied, can Vincent claim?
Question 24 options:
3,754
3,588
2,898
2,732
None of the above
Question 25(2 points)
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How much of the Age Amount tax credit, before 15% is applied, can Vincent claim?
Question 25 options:
7,637
7,713
6,615
0
None of the above
Question 26(2 points)
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How much of the Canada Employment Amount tax credit, before 15% is applied, can Vincent claim?
Question 26 options:
1,257
1,245
1,000
0
None of the above
Question 27(2 points)
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How much of the Tuition tax credit, before 15% is applied, can Vincent claim?
Question 27 options:
9,400
5,000
4,400
0
None of the above
Question 28(2 points)
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How much of the Medical tax credit, before 15% is applied, can Vincent claim
Question 28 options:
500
250
100
0
None of the above
Question 29(2 points)
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How much of the Pension tax credit, before 15% is applied, can Vincent claim?
Question 29 options:
4,000
2,000
1,000
0
None of the above
Question 30(1 point)
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Can Vincent claim the Home Accessibility Tax Credit?
Question 30 options:
Yes
No
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