Employee #1 Colin Forth, 40 years old
Annual Salary $80,000
Married with a 10-year-old son
Studied part-time at Humber College for 2 months, and paid tuition fees of $1,500.
Spouse, Emma has $65,000 income
Employee #2 Renata Hoover, 45 years old
Annual Salary $70,000
Single
Studied full-time at University of Toronto for 4 months, paid tuition fees of $4,500
Renata’s 75-year-old father lives with her. Her father qualifies for disability tax credit and has no income.
Assume:
Complete the Chart below
FEDERAL | PROVINCIAL | ||||
Colin Forth | |||||
Basic | |||||
Claim codes | |||||
Renata Hoover | |||||
Basic | |||||
Claim codes |
Employee #1 Colin Forth, 40 years old Annual Salary $80,000 Married with a 10-year-old son Studied...
complete the work sheet Employee #1 Colin Forth, 40 years old Annual Salary $80,000 Married with a 10-year-old son Studied part-time at Humber College for 2 months, and paid tuition fees of $1,500. Spouse, Emma has $65,000 income Employee #2 Renata Hoover, 45 years old Annual Salary $70,000 Single Studied full-time at University of Toronto for 4 months, paid tuition fees of $4,500 Renata’s 75-year-old father lives with her. Her father qualifies for disability tax credit and has no income....
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...