Marc's income this past year incuded a salary of $170 000 and $4000 from selling some stock from his TFSA account. MAPE as8 EBA ) Calculate Marc's total taxable income. Marc's total taxable income is s (Your answer should be accurate to a whole number) H) Calculate the amount of taxes that Marc owes Federal government. Marc owes the Federal government s (vour answer should be accurate to a whole number) ) Calculate the amount of taxes that Marc owes the Quebec government. Marc owes the Quebec government (vour answer should be accurate to a whole number) iv) Calculate Marc's total tax payable. Marc's total tax payable (Your answer should be accurate to a whole number)

Marc's income this past year incuded a salary of $170 000 and $4000 from selling some stock from his TFSA account. MAPE as8 EBA ) Calculate Marc's total taxable income. Marc's total taxable income is s (Your answer should be accurate to a whole number) H) Calculate the amount of taxes that Marc owes Federal government. Marc owes the Federal government s (vour answer should be accurate to a whole number) ) Calculate the amount of taxes that Marc owes the Quebec government. Marc owes the Quebec government (vour answer should be accurate to a whole number) iv) Calculate Marc's total tax payable. Marc's total tax payable (Your answer should be accurate to a whole number)

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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Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,650. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
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