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IN 2016, AN INDIVIDUAL EARNED $65,000 OF EMPLOYMENT INCOME. THE FOLLOWING DEDUCTIONS WERE MADE FROM HER SALARY: - REGISTERED PENSION PLAN (RPP) CONTRIBUTION OF $5,000. - MAXIMUM CANADA PENSION PLAN (CPP) AND EMPLOYMENT INSURANCE (EI) CONTRIBUTIONS OF $3,499. - CHARITABLE DONATIONS OF $600. (SHE HAS MADE ANNUAL DONATIONS) WHAT WOULD BE HER TOTAL FEDERAL TAX? A. $7,228 B. $7,402 C. $8,253 D. $9,718

IN 2016, AN INDIVIDUAL EARNED $65,000 OF EMPLOYMENT INCOME. THE FOLLOWING DEDUCTIONS WERE MADE FROM HER SALARY: - REGISTERED PENSION PLAN (RPP) CONTRIBUTION OF $5,000. - MAXIMUM CANADA PENSION PLAN (CPP) AND EMPLOYMENT INSURANCE (EI) CONTRIBUTIONS OF $3,499. - CHARITABLE DONATIONS OF $600. (SHE HAS MADE ANNUAL DONATIONS) WHAT WOULD BE HER TOTAL FEDERAL TAX? A. $7,228 B. $7,402 C. $8,253 D. $9,718

FINANCIAL ACCOUNTING
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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IN 2016, AN INDIVIDUAL EARNED $65,000 OF EMPLOYMENT INCOME. THE FOLLOWING DEDUCTIONS WERE MADE FROM HER SALARY: - REGISTERED PENSION PLAN (RPP) CONTRIBUTION OF $5,000. - MAXIMUM CANADA PENSION PLAN (CPP) AND EMPLOYMENT INSURANCE (EI) CONTRIBUTIONS OF $3,499. - CHARITABLE DONATIONS OF $600. (SHE HAS MADE ANNUAL DONATIONS) WHAT WOULD BE HER TOTAL FEDERAL TAX? A. $7,228 B. $7,402 C. $8,253 D. $9,718
Transcribed Image Text:IN 2016, AN INDIVIDUAL EARNED $65,000 OF EMPLOYMENT INCOME. THE FOLLOWING DEDUCTIONS WERE MADE FROM HER SALARY: - REGISTERED PENSION PLAN (RPP) CONTRIBUTION OF $5,000. - MAXIMUM CANADA PENSION PLAN (CPP) AND EMPLOYMENT INSURANCE (EI) CONTRIBUTIONS OF $3,499. - CHARITABLE DONATIONS OF $600. (SHE HAS MADE ANNUAL DONATIONS) WHAT WOULD BE HER TOTAL FEDERAL TAX? A. $7,228 B. $7,402 C. $8,253 D. $9,718
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