5) During 2019 you have net employment income of $40,000, a net property loss of $16,000,interest income of $6,000, and income from royalties of $7,000. The royalties were on a bookyou wrote. You do not have Unused RRSP Deduction Room from previous years. Youremployer contributed $3,000 to your RPP. Your maximum deductible Registered RetirementSavings Plan contribution for 2020 is:A) $3,660.B) $1,320.C) $5,580.D) $2,580.

For RRSP purposes, “earned income” includes Net income from employment, Net income from business,…

Answered: employer contributed $3,000 to your…

employer contributed $3,000 to your RPP. Your maximum deductible Registered Retirement Savings Plan contribution for 2020 is:

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 41P

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Regarding Rodney' s Registered Retirement Savings Plan situation, assume that the following data is accurate: - His earned income in 2019 was $100,000, and $150,000 in 2020 - His Pension Adjustment based on 2019 data was $8,000, and based on 2020 data, it was $9,000. - Unused RRSP deduction limit room at the end of 2019 was $3,000. - He had undeducted RRSP contributions balance of $3,275 at the end of 2019. - He contributed $13,000 to his RRSP in 2020. Required: 1. What is the RRSP contribution room limit for 2020 2. What is the maximum RRSP tax deduction that can be claimed for 2020 3. What is the unused RRSP Contribution Room available at the end of 2020 4. Determine any undeducted contributions remaining at the end of 2020; and 5. Determine whether at the end of 2020, there are any excess RRSP contributions, on which penalties will apply
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i need someone to please answer my math questions Given the following data: post -retirement contribution Annual contribution : 7500 tax bracket: 15%, Effective rate: 9% , Investment years: 25 Calculate the available retirement income (after tax) for the post-tax contribution by reducing the contribution amount by the tax you would have to pay on that amount BEFORE calculating the final annuity amount.
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Please explain in detail
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