Sol-InClassCredits

Sol-InClassCredits - PERSONAL TAX CREDITS SUGGESTED...

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PERSONAL TAX CREDITS SUGGESTED SOLUTIONS IN-CLASS PROBLEMS PROBLEM 1 (a) Yes 118.1(1) “total charitable gifts” (a) ( b) No 127(3) tax credit (c) No 118.1(2); required to have a receipt (d) Yes 118.1(1) “total charitable gifts” (f); ITR Schedule VIII (e) Yes 118.1(1) “total charitable gifts” (f); ITR Schedule VIII (f) Yes 118.1(1) “total charitable gifts” (a) (g) No 118.1(2); required to have a receipt (h) No 118.1(2); such organizations generally do not give donation receipts for used clothing (i) Yes 118.1(1) “total charitable gifts” (b) (j) Yes 118.1(1) “total charitable gifts” (c) (k) No University not listed on ITR Schedule VIII PROBLEM 2 – JANINE 15% Personal Credits Basic $10,527 Equivalent-to-Spouse 10,527 Child 2,131 $23,185 X 8/12 $15,457 Employment 1,065 CPP 2,218 EI 787 Donations 200 Medical 260 * $19,987 29% Credits Donations ($3,200 - $200) $ 3,000 * Total Medical Expenditures $2,300 Less: Lesser of: $2,052, and 3% of net Income ($68,000) 2,040 Amount of Claim $ 260 1
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PROBLEM 3 - MR. AND MRS. X
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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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Sol-InClassCredits - PERSONAL TAX CREDITS SUGGESTED...

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