RRSPMarsha had the following income in 2020and 2021Employment incomeBusiness incomeInterest IncomeDividendsRental Income2020$140,00020,00020,000200010,000Calculate Marsha's maximum RRSP deduction for 2021Earned IncomeEmployment incomeBusiness incomeRental IncomeTotal Earned Income18% of earned incomeMaximum RRSP deduction for 2021Marsha's maximum RRSP contribution for 2021 before adjustmentsAt the end of 2020, she had unused RRSP contribution room of $10,000. Her pension adjustment from 2020 was $5,000. Sheanticipates a pension adjustment of $7,000 in 2021.Required:2021160,000$5,0008,0007,0006,0000

The RRSP deduction limit is determined with respect to the lower of 18% of total income or the…

RRSP Marsha had the following income in 2020and 2021 Employment income Business income Interest Income Dividends Rental Income 2020 $140,000 20,000 Rental Income Total Earned Income 18% of earned income 20,000 2000 10,000 Calculate Marsha's maximum RRSP deduction for 2021 Earned Income Employment income Business income Maximum RRSP deduction for 2021 At the end of 2020, she had unused RRSP contribution room of $10,000. Her pension adjustment from 2020 was $5,000. She anticipates a pension adjustment of $7,000 in 2021. Required: Marsha's maximum RRSP contribution for 2021 before adjustments 2021 160,000 $ 5,000 8,000 7.000 6,000 0

RRSP Marsha had the following income in 2020and 2021 Employment income Business income Interest Income Dividends Rental Income 2020 $140,000 20,000 Rental Income Total Earned Income 18% of earned income 20,000 2000 10,000 Calculate Marsha's maximum RRSP deduction for 2021 Earned Income Employment income Business income Maximum RRSP deduction for 2021 At the end of 2020, she had unused RRSP contribution room of $10,000. Her pension adjustment from 2020 was $5,000. She anticipates a pension adjustment of $7,000 in 2021. Required: Marsha's maximum RRSP contribution for 2021 before adjustments 2021 160,000 $ 5,000 8,000 7.000 6,000 0

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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