AQSol-PersonalCredits

AQSol-PersonalCredits - * Although no education costs are...

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PERSONAL TAX CREDITS ASSIGNMENT QUESTION SUGGESTED SOLUTION (a) Mr. Hanson Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597 (b) Paul Basic 10,527 Child 2,131 Employment 1,065 CPP 2,218 EI 787 16,728 (c) Mr. Jones Basic 10,527 Spouse (10,527-1,200) 9,327 Dependent or Caregiver 4,283 Employment 1,065 CPP 2,218 EI 787 28,207 (d) Justine Basic 10,527 Equivalent-to-Spouse 10,527 Child (2 X 2,131) 4,262 Employment 1,065 CPP 2,218 EI 787 29,386 (e) Mrs. Smith Basic 10,527 Spouse 10,527 Age [6,537 – 15% (56,000-32,961)] 3,081 Husband’s Age 6,537 Employment 1,065 CPP 2,218 EI 787 34,742
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(f) John Basic 10,527 Spouse 10,527 Tuition 5,000 Child (2 X 2,131) 4,262 Employment 1,065 CPP 2,218 EI 787 34,386 Mary: As she has no income she has no need for personal credits. John claims her as a spouse. $5,000 of her Tuition, Education and Textbook credits is transferred to John. She carries forward the balance of her T, E and TB credits. (g) Tina Basic 10,527 Spouse 10,527 Tuition* 5,000 Child 2,131 Employment 1,065 CPP 2,218 EI 787 32,255
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Unformatted text preview: * Although no education costs are indicated in the question, I assumed they would be sufficient to allow for the maximum transfer to Tina. (h) Betty Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597 Sam Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597 (i) Tom Basic 10,527 Child 2,131 Equivalent-to-Spouse 10,527 Employment 1,065 CPP 2,218 EI 787 27,255 Susan Basic 10,527 Child 2,131 Equivalent-to-Spouse 10,527 Employment 1,065 CPP 2,218 EI 787 27,255 (j) Elizabeth Basic 10,527 Equivalent-to-Spouse 10,527 Child (3 X 2,131) 6,393 Employment 1,065 CPP 2,218 EI 787 31,517 Bill Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597 (k) Bill Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597 Mary Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597 (l) Juan Basic 10,527 Employment 1,065 CPP 2,218 EI 787 14,597...
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

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AQSol-PersonalCredits - * Although no education costs are...

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