Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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)

Listen

ReadSpeaker webReader: Listen

Focus

What is Vincent's Taxable Income?

Question 18 options:

160,000

150,000

140,000

0

None of the above

Question 19(4 points)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

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)

Listen

ReadSpeaker webReader: Listen

Can Vincent claim the Home Accessibility Tax Credit?

Question 30 options:

Yes

No

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

Corporate Financial Accounting

Authors: Carl S Warren, Jeff Jones

16th Edition

0357510380, 978-0357510384

More Books

Students also viewed these Accounting questions