MC-PersonalCredits

MC-PersonalCredits - MULTIPLE CHOICE QUESTIONS PERSONAL...

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MULTIPLE CHOICE QUESTIONS PERSONAL INCOME / CREDITS Select the most appropriate answer from the list provided. 2011 is the applicable taxation year. 1. OWEN’s only income, other than OAS and CPP, was a pension from his former employer in the amount of $900 and interest from investments which amounted to $1,000. Owen, who is single, is 76 years old. (a) $19,064 (b) $17,964 (c) $17,064 (d) $11,427 (e) none of the above 2. JASMIN is a single mother whose children are five and eight years old. Her net income for tax purposes was $52,000. (a) $35,843 (b) $25,316 (c) $14,789 (d) $10,527 (e) none of the above 3. ROBERTO, who is single, sent $5,000 to his elderly father in Naples, Italy. His employment income is $48,000. (a) $26,054 (b) $21,054 (c) $15,527 (d) $10,527 (e) none of the above 4. BOBBY and Carol have lived common-law for five years. Carol’s two sons from her previous marriage, aged five and eight, live with Bobby and Carol. Bobby’s net employment income is $45,000. Carol’s net employment income is $56,000. (a) $21,054 (b) $14,789 (c) $12,658 (d) $10,527 (e) none of the above
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5. MARK and Michele have been married for five years. Michele’s net employment income is $2,189. Mark’s net employment income is $43,275. (a) $21,054 (b) $18,865 (c) $10,527 (d) $2,189 (e) none of the above 6. Mr. X is 68 years old. His net income is $60,000, all of which is pension income. His wife, who has no income, is 66. (a) $34,128 (b) $32,128 (c) $32,072 (d) $30,072 (e) none of the above 7. Ms. SINGER is a single mother with three children. Their ages are two, three and six as at December 31. She received $450 in child tax benefits. Her employment income is $37,000. (a) $42,108
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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-PersonalCredits - MULTIPLE CHOICE QUESTIONS PERSONAL...

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