MC-Class-Other I&D

MC-Class-Other I&D - MULTIPLE CHOICE OTHER INCOME AND...

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MULTIPLE CHOICE OTHER INCOME AND DEDUCTIONS 1. Mr. X’s only income is an RRSP withdrawal payment of $18,000. His wife’s employment income was $48,000. Their available child care deduction can be claimed: (a) all by Mr. X (b) all by Mrs. X (c) one-half by Mr. X and one-half by Mrs. X (d) by neither Mr. nor Mrs. X (e) none of the above 2. A taxpayer paid $750 to an agency to find a replacement for a nanny who left her employment. Assuming the weekly amounts paid to the nannies are within the annual deduction limitation, the taxpayer can deduct as child care expenses: (a) only the weekly amounts paid to the nannies (b) the weekly amounts, plus the $750 (c) only the $750 (d) nothing, as nanny fees are not eligible (e) none of the above 3. Mrs. Simpson received a $20,000 death benefit from her late husband’s former employer. In addition, she had employment income of $38,000. Her total income for tax purposes is: (a) $58,000 (b) $48,000 (c) $38,000 (d) $20,000 (e) none of the above 4. Following Max’s death, his former employer paid a $12,000 death benefit to his wife and a $5,000 death benefit to each of his two children. How are these amounts reported? (a) $12,000 by his wife and $5,000 by each child (b) $2,000 by his wife and nothing by his children (c) $2,000 by his wife and $5,000 by each child (d) $12,000 by his wife and nothing by each child (e) none of the above
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5. Following Ned’s death, his former employer paid a $6,000 death benefit to his wife and $2,000 to each of his two children. How are these amounts reported? (a) $6,000 by his wife and $2,000 by each child (b) nothing by the wife or the children (c) $6,000 by his wife and nothing by the children (d) nothing by his wife and $2,000 by each child (e) none of the above 6. Catherine is an elected member of a provincial legislature. In addition to income of $56,000 as a school teacher, she received $30,000 income and a $10,000 expense allowance from the legislature. Her net office and
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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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MC-Class-Other I&D - MULTIPLE CHOICE OTHER INCOME AND...

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