Simon Millstone is 48 years of age and has employment income of S81,000. His employer withheld the maximum Ei premium and CPP contribution. His wife, Candice, is 46 years old and has Net Income for Tax Purposes of $7,325. They have one child, Daisy, who is 11 years of age and has income of $3,100. During the year, the family had eligible medical expenses of $2,050 for Simon, $1,950 for Candice and $500 for Daisy. Requirements: 1. Calculate Simon Millstone's minimum federal Tax Payable for 2020. Show your answer in good form with appropriate description of amounts. 2. Indicate any carry forward amount(s) available to him and his dependents and the carry forward provisions.

Simon Millstone is 48 years of age and has employment income of S81,000. His employer withheld the maximum Ei premium and CPP contribution. His wife, Candice, is 46 years old and has Net Income for Tax Purposes of $7,325. They have one child, Daisy, who is 11 years of age and has income of $3,100. During the year, the family had eligible medical expenses of $2,050 for Simon, $1,950 for Candice and $500 for Daisy. Requirements: 1. Calculate Simon Millstone's minimum federal Tax Payable for 2020. Show your answer in good form with appropriate description of amounts. 2. Indicate any carry forward amount(s) available to him and his dependents and the carry forward provisions.

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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