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Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000. Calculate Mike's OAS repayment due to the OAS slawback Minimum Income Recovery Threshold $79,845 Mike's calculation: Maximum Income Recovery Threshold $129,260

Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000. Calculate Mike's OAS repayment due to the OAS slawback Minimum Income Recovery Threshold $79,845 Mike's calculation: Maximum Income Recovery Threshold $129,260

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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Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000. Calculate Mike's OAS repayment due to the OAS slawback Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,845 $129,260 Mike's calculation:
Transcribed Image Text:Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000. Calculate Mike's OAS repayment due to the OAS slawback Minimum Income Recovery Threshold Maximum Income Recovery Threshold $79,845 $129,260 Mike's calculation:
Jing is concerned about having to repay her Old Age Security (OAS) pension that she receives. This is very stressful as she is on a very limited budget. She knows that if her income is over the minimum threshold amount, that she must repay 15% of this different through her tax return due to the OAS clawback. The maximum monthly OAS pension in 2021 is $635.26. Jing's net income is estimated at $75,000 for the year. Jing turned 65 years old on January 1, 2021 and has been living in Canada for 25 years. She knows that the amount she will receive is a partial monthly pension earned at the rate of 1/40th of the maximum monthly OAS pension for each year of residence in Canada after the age of 18.
Transcribed Image Text:Jing is concerned about having to repay her Old Age Security (OAS) pension that she receives. This is very stressful as she is on a very limited budget. She knows that if her income is over the minimum threshold amount, that she must repay 15% of this different through her tax return due to the OAS clawback. The maximum monthly OAS pension in 2021 is $635.26. Jing's net income is estimated at $75,000 for the year. Jing turned 65 years old on January 1, 2021 and has been living in Canada for 25 years. She knows that the amount she will receive is a partial monthly pension earned at the rate of 1/40th of the maximum monthly OAS pension for each year of residence in Canada after the age of 18.
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