Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following correct information for Jack has been provided to you: Employment income earned $58,700 Employment Insurance premiums withheld 856 Canada Pension Plan premiums withheld

The following correct information for Jack has been provided to you:

Employment income earned $58,700

Employment Insurance premiums withheld 856

Canada Pension Plan premiums withheld 2,898

Income Tax withheld 9,800

Net Rental Income 1,030

Eligible dividends received 2,000

Capital gain 2,400

Allowable Registered Retirement Savings Plan deduction 4,000

Allowable Childcare expense deduction 2,500

Allowable net capital loss carried forward from last year 2,200

Jack is 37 years old, divorced, and lives with his 7-year-old healthy son. In 2020 Jack donated $100 to a Federal Political Party and $70 to a registered charity. Jack is alsotaking a university course in 2020 that cost $175. During 2020 Jack paid $1,755 in dentist bills for his son.

Required Calculations (show all calculations round to the nearest dollar):

Division B (Net Income)

Division C (Taxable Income)

Net Federal Taxes before Tax Credits

Applicable Tax Credits

Net Federal Tax Payable (Refund)

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

Introductory Accounting Finance And Auditing For Lawyers

Authors: Lawrence Cunningham

6th Edition

0314280456, 978-0314280459

More Books

Students also viewed these Accounting questions