anl In 2023, Iris and her employer each contributed $4,000 to her DBPP which will pay her a pension of1.5% for every year of service based on the best three years of income. Her salary for 2023 was $92,000and the best three years average $87,000.a.What is Iris's pension adjustment for 2023?b.How much can she contribute to her RRSP in 2024?C.If she began collecting her pension in 2024, how much would it be if she had 33 years of service?

The pension adjustment (PA) is calculated as follows:PA = 9 * Benefit Accrued -…

Answered: In 2023, Iris and her employer each…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 41P

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During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
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Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible health insurance for all its employees. The plan has a 2,700 deductible for married taxpayers. Carrera also contributes 5 percent of each employees salary to a Health Savings Account. Tias salary is 30,000 in 2019 and 32,000 in 2020. Tia makes the maximum allowable contribution to her HSA in 2019 and 2020. She received 600 from the HSA for her 2019 medical expenses. In 2020, she spends 1,400 on medical expenses from her HSA. The MSA earns 28 in 2019 and 46 in 2020. a. What is the effect of the HSA transactions on Tias adjusted gross income? b. How much does Tia have in her HSA account at the end of 2020?
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jordan has $13,000 in ending RRSP contribution room at the end of 2019. He earnedsalary of $60,000 in 2019 and his employer advises that his pension adjustment in2019 was $3,000. Calculate what jordan has for an RRSP contribution room at thebeginning of 2020
Malcolm knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate if for him and his wife. In 2020, the OAS pension is clawbacked or reduced by 15% above $79,054. Malcolm and his wife are both receiving monthly pensions of $613.54. His net income is $130,000 while his wife's net income is $85,000. What is the total amount they have to repay in 2020? Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,054 $8,254 $14,725 $892 $13,833 $7,362 $128,137
You were employed by ML Co. for 20 years and retired on 30 September 2020 at the age of 57. This income year you will receive an annual pension of $20,000 from the ML Co. superannuation fund for the rest of your life. You and your spouse have private health cover. What amount of pension will be assessable? Show working and give reasons for your answer.
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Steve is planning to retire at the beginning of 2022. He works for a company with a defined benefit plan. The plan provides for retirement benefits at a rate of 2% of the last three years' average compensation for every year of service. Steve will have worked for this company for 30 years when he retires. His average salary for the last three years is $400,000. What is the maximum benefit Steve can receive from his retirement plan in the current year?

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