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Required: Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required. 1. Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year. 2. Mrs. Thomas has Net Income for Tax Purposes of $250,000, all of which is employment income. Her employer has withheld and remitted the required EI and CPP amounts. Mrs. Thomas was married on December 1, 2018. Her wife, a nursing student, had salary of $21,000 for the period from January 1 to November 30, 2018 and $3,200 for the month of December 2018. 3. Mr. Jackson has Net Income for Tax Purposes of $75,000, all of which is rental income. He lives with his common-law wife and their 2 children. The children are 7 and 8 years of age and have no income for the year. His wife has Net Income for Tax Purposes of $8,500. I

Required: Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required. 1. Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year. 2. Mrs. Thomas has Net Income for Tax Purposes of $250,000, all of which is employment income. Her employer has withheld and remitted the required EI and CPP amounts. Mrs. Thomas was married on December 1, 2018. Her wife, a nursing student, had salary of $21,000 for the period from January 1 to November 30, 2018 and $3,200 for the month of December 2018. 3. Mr. Jackson has Net Income for Tax Purposes of $75,000, all of which is rental income. He lives with his common-law wife and their 2 children. The children are 7 and 8 years of age and have no income for the year. His wife has Net Income for Tax Purposes of $8,500. I

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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5 6 7 8 9 10 11 HABHERASANNA 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1 Particulars (Mr. Holm) Basic Personal Amount Spouse Amount Mother Amount El Amount CPP Amount Canada Employment Eligible Dependent Amount Age Amount Pension Amount Canada Caregiver Amount Total credit base 2 Particulars (Mrs. Thomas) Basic Personal Amount Spouse Amount Mother Amount El Amount CPP Amount Canada Employment Eligible Dependent Amount Age Amount Pension Amount Canada Caregiver Amount Total credit base 3 Particulars (Mr. Jackson) Basic Personal Amount Spouse Amount Mother Amount El Amount CPP Amount Canada Employment Eligible Dependent Amount Age Amount Pension Amount Canada Caregiver Amount Total credit base Amount 11809 500 12309 Amount 11809 2593.8 1195 15597.8 Amount Ankit: Enter the an a credit is no blank. Do no particular ite W Ankit: Enter the am a credit is nc blank. Do na particular ite Ankit: Enter the am a credit is no blank. Do nc particular ite
Transcribed Image Text:5 6 7 8 9 10 11 HABHERASANNA 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1 Particulars (Mr. Holm) Basic Personal Amount Spouse Amount Mother Amount El Amount CPP Amount Canada Employment Eligible Dependent Amount Age Amount Pension Amount Canada Caregiver Amount Total credit base 2 Particulars (Mrs. Thomas) Basic Personal Amount Spouse Amount Mother Amount El Amount CPP Amount Canada Employment Eligible Dependent Amount Age Amount Pension Amount Canada Caregiver Amount Total credit base 3 Particulars (Mr. Jackson) Basic Personal Amount Spouse Amount Mother Amount El Amount CPP Amount Canada Employment Eligible Dependent Amount Age Amount Pension Amount Canada Caregiver Amount Total credit base Amount 11809 500 12309 Amount 11809 2593.8 1195 15597.8 Amount Ankit: Enter the an a credit is no blank. Do no particular ite W Ankit: Enter the am a credit is nc blank. Do na particular ite Ankit: Enter the am a credit is no blank. Do nc particular ite
Question 3 Required: Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required. 1. 2. Mrs. Thomas has Net Income for Tax Purposes of $250,000, all of which is employment income. Her employer has withheld and remitted the required EI and CPP amounts. Mrs. Thomas was married on December 1, 2018. Her wife, a nursing student, had salary of $21,000 for the period from January 1 to November 30, 2018 and $3,200 for the month of December 2018. 3. 4. Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year. 6. Mr. Jackson has Net Income for Tax Purposes of $75,000, all of which is rental income. He lives with his common-law wife and their 2 children. The children are 7 and 8 years of age and have no income for the year. His wife has Net Income for Tax Purposes of $8,500. I Mrs. James is married and has Net Income for Tax Purposes of $110,000, none of which is employment income or income from self-employment. Her 19-year-old dependent daughter attends university. Her husband has Net Income for Tax Purposes of $10,500, and her daughter has Net Income for Tax Purposes of $8,500. Her daughter does not wish to transfer her tuition, education or textbook credits. 5. Mr. Morant is 68 years old and has Net Income for Tax Purposes of $29,500, which is comprised of Old Age Security benefits and pension income paid out of his Registered Retirement Income Fund. He is single and he has a son who is 13 years old and is deaf. He has no income of his own. Ms. Young is divorced and maintains a residence far from her former spouse. She has custody of the 2 children from the marriage. They are aged 9 and 12 and in good health. They both earn $750 from paper routes. Her Net Income for Tax Purposes is $72,000, all of which is spousal support payments.
Transcribed Image Text:Question 3 Required: Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required. 1. 2. Mrs. Thomas has Net Income for Tax Purposes of $250,000, all of which is employment income. Her employer has withheld and remitted the required EI and CPP amounts. Mrs. Thomas was married on December 1, 2018. Her wife, a nursing student, had salary of $21,000 for the period from January 1 to November 30, 2018 and $3,200 for the month of December 2018. 3. 4. Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year. 6. Mr. Jackson has Net Income for Tax Purposes of $75,000, all of which is rental income. He lives with his common-law wife and their 2 children. The children are 7 and 8 years of age and have no income for the year. His wife has Net Income for Tax Purposes of $8,500. I Mrs. James is married and has Net Income for Tax Purposes of $110,000, none of which is employment income or income from self-employment. Her 19-year-old dependent daughter attends university. Her husband has Net Income for Tax Purposes of $10,500, and her daughter has Net Income for Tax Purposes of $8,500. Her daughter does not wish to transfer her tuition, education or textbook credits. 5. Mr. Morant is 68 years old and has Net Income for Tax Purposes of $29,500, which is comprised of Old Age Security benefits and pension income paid out of his Registered Retirement Income Fund. He is single and he has a son who is 13 years old and is deaf. He has no income of his own. Ms. Young is divorced and maintains a residence far from her former spouse. She has custody of the 2 children from the marriage. They are aged 9 and 12 and in good health. They both earn $750 from paper routes. Her Net Income for Tax Purposes is $72,000, all of which is spousal support payments.
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