Assume this is the year of 2019 (same year as used inText Chp3 tax forms on p96). Mitchell, 23-yr old, issingle and lives in his parents' house cost-free (i. e. norent or utilities) in Toronto, Ontario. He has recentlygraduated from university and is currently employed asan insurance agent. He has the following info:Employment Income (T4) 26,500 Interest Income (T5) 40 RRSP deduction 950 Professional dues (T4) 165CPP contributions (T4) 1, 138 Employment insurancepremiums (T4) 498 Charitable donations (T4) 75 Tuition3,733 Interest payment on student loans 245 Incometax deducted at source (T4) 2,085 What would the'INCOME TAX AND BENEFIT RETURN 2019' FORM:STEP 3, Line 22215 be? Pick the closest answer: a) 33.47 b) 0.00 c) 165 d) 1140.47

5) 40 RRSP deduction 950 Professional dues (T4) 165 CPP contributions (T4) 1, 138 Employment insurance premiums (T4) 498 Charitable donations (T4) 75 Tuition 3,733 Interest payment on student loans 245 Income tax deducted at source (T4) 2,085 What would the 'INCOME TAX AND BENEFIT RETURN 2019' FORM: STEP 3, Line 22215 be? Pick the closest answer: a ) 33.47 b) 0.00 c) 165 d) 1140.47

5) 40 RRSP deduction 950 Professional dues (T4) 165 CPP contributions (T4) 1, 138 Employment insurance premiums (T4) 498 Charitable donations (T4) 75 Tuition 3,733 Interest payment on student loans 245 Income tax deducted at source (T4) 2,085 What would the 'INCOME TAX AND BENEFIT RETURN 2019' FORM: STEP 3, Line 22215 be? Pick the closest answer: a ) 33.47 b) 0.00 c) 165 d) 1140.47

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.
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EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Credit Phase-Out for AGI (or earned income Income Eligible Maximum Credit Qualifying Children (2) if greater) Over This Amount for Credit Credit % (1) × (2) Married taxpayers filing joint returns 01100 11 LIS 0 $9,820 15.3% $1.502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14.950 45 6.728 25,470 21.06 All taxpayers except married taxpayers filing joint returns ORD CHIT EL 0 $9,820 15.3% $ 11,610 $1.502 3,618 1 10,640 34 19,520 2 14.950 40 5,980 19,520 3+ 14,950 45 6,728 19.520 Source: Internal Revenue Code. "Rev. Proc. 2020-45. " www.irs.gov. SI DU નવીura વ (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51.464
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Qualified Retirement Plans Including Section 401(K) Plans (LO 5.4) What is the maximum tax-deferred contribution that can be made to a Section 401(k) plan by an employee under age 50 in 2020? a.$26,000 b.$19,500 c.$19,000 d.$20,000 e.$56,000
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