Jack made monthly contributions of $200 to his son's RESP for a total of 12 years.The contributions as well as the CESG was invested at the end of every month in afund that earned a return of 7% compounded monthly. If Jack's son Emmanueldecides not to attend post-secondary education, and Jack makes a withdrawal of theAccumulated Income Payment, and his MTR is at 45%, how much will Jack pay intaxes for the withdrawal?871512,5881633211,307

Tax refers to the compulsory payment made to the government on the income by an individual or a…

Jack made monthly contributions of $200 to his son's RESP for The contributions as well as the CESG was invested at the end fund that earned a return of 7% compounded monthly. If Jack's decides not to attend post-secondary education, and Jack mak Accumulated Income Payment, and his MTR is at 45%, how mu taxes for the withdrawal? O 8715 12,588

Jack made monthly contributions of $200 to his son's RESP for The contributions as well as the CESG was invested at the end fund that earned a return of 7% compounded monthly. If Jack's decides not to attend post-secondary education, and Jack mak Accumulated Income Payment, and his MTR is at 45%, how mu taxes for the withdrawal? O 8715 12,588

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 32P

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Jack made monthly contributions of $200 to his son's RESP for a total of 12 years. The contributions as well as the CESG was invested at the end of every month in a fund that earned a return of 7% compounded monthly. If Jack's son Emmanuel decides not to attend post-secondary education, and Jack makes a withdrawal from the RESP account in full, how much of that withdrawal will be Accumulated Income Payment? 56,230 19,367 O 25,127 28,800
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