Question
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 |
CANADIAN!!
REQUIRED LINES:
150
233
260
23
27
30,
31
39
58
16,
24,
29
30
38
53
61
65
66
6610
Does Mitchell qualify for the OEPTC (Ontario Energy and Property Tax Credit)? Enter '1' if Yes, and '0' if No.
Does Mitchell qualify for the NOEC (Northern Ontario energy credit)? Enter '1' if Yes, and '0' if No.
Suppose that Mitchell qualifed for certain credit(s) specified on the form of ON-BEN. How would he get the
credit(s)?
Enter '1' if CRA (Canda Revenue Agency) will do calcuations based on his completed form and send him the
credit(s) separately from tax refund;
Enter '0' if CRA (Canada Revenue Agency) will do calcuations based on his completed form and include the credit(s) into his tax refund.
435
482
484
485
Federal Marginal Tax Rate (%):
Combined Marginal Tax Rate (2 decimal places) (%):
Average Tax Rate (two decimal places) (%):
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