Alex retired on January 1, 2022, at age 65. He is trying to figure out hi income is so different from what he is used to. What is Alex's estimate 2022 if he withdraws $10,250 from his Registered Retirement Saving $10,000 from his Tax-Free Savings Account (TFSA), receives a retiree p of $17,000, receives his Quebec Pension Plan (QPP) of $15,043 and re OAS) pension benefits of $7,707. (All amounts are annualized and g Non-Refundable Tax Credits, and Quebec Abatement.) ) 27.53% ) 32.53% ) 37.12%

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1) Alex retired on January 1, 2022, at age 65. He is trying to figure out his 2022 tax situation as his
income is so different from what he is used to. What is Alex's estimated marginal rate of tax for
2022 if he withdraws $10,250 from his Registered Retirement Savings Plan (RRSP), withdraws
$10,000 from his Tax-Free Savings Account (TFSA), receives a retiree pension from his employer
of $17,000, receives his Quebec Pension Plan (QPP) of $15,043 and receives his Old Age Security
(OAS) pension benefits of $7,707. (All amounts are annualized and gross. See Table A; ignore
Non-Refundable Tax Credits, and Quebec Abatement.)
a) 27.53%
b) 32.53%
c) 37.12%
d) 41.12%
e) 45.71%
Transcribed Image Text:1) Alex retired on January 1, 2022, at age 65. He is trying to figure out his 2022 tax situation as his income is so different from what he is used to. What is Alex's estimated marginal rate of tax for 2022 if he withdraws $10,250 from his Registered Retirement Savings Plan (RRSP), withdraws $10,000 from his Tax-Free Savings Account (TFSA), receives a retiree pension from his employer of $17,000, receives his Quebec Pension Plan (QPP) of $15,043 and receives his Old Age Security (OAS) pension benefits of $7,707. (All amounts are annualized and gross. See Table A; ignore Non-Refundable Tax Credits, and Quebec Abatement.) a) 27.53% b) 32.53% c) 37.12% d) 41.12% e) 45.71%
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