Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Tina Chatwood is single with no dependants. During the year she had the following
amounts deducted from her salary of $70,000:
CPP premiums 2,898
El premiums
856
Income tax
4,300
Based on this information, what amount is closest to Tina's total federal tax credits
for 2020 that can be claimed on her return.
$0
$750
$2,734
$2,547
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