Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following information to fill out Mitchell's 2016 income tax forms - Federal and Ontario: Employment Income 26,500 Interest Income (T5) 40 RRSP deduction
- Use the following information to fill out Mitchell's 2016 income tax forms - Federal and Ontario:
Employment Income | 26,500 |
Interest Income (T5) | 40 |
RRSP deduction | 950 |
Professional dues (T4) | 165 |
CPP contributions (T4) | 1,138 |
Employment insurance premiums (T4) | 498 |
Charitable donations | 75 |
Tuition | 3,733 |
Public Transit | 225 |
Education amount and textbooks (4 months full-time, Column C) | Use schedule 11 to calculate this. Assume he has no unused tuition. |
Interest payment on student loans | 245 |
Income tax deducted at source (T4) | 2,085 |
- To find general instructions on how to fill out the tax forms, you can check the section on Income Tax Forms in Unit 02.
- Make sure you include line 363 on schedule 1.
- You must calculate the tuition and education tax credits for both the federal and provincial forms. They are different numbers.
- He has claimed charitable donations before.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started