Based On The Following Data, Would Ann And Carl Wilton Receive A Refund Or Owe Additional Taxes?
Based on the following data, will Ann and Carl Wilton receive a federal tax refund or owe additional taxes in 2016?
Circular calculations and final answer to 2 decimal places.
Taxable Income Revenue enhancement Rate
$0-$45,282 fifteen%
$45,282-$90,563 20.5%
$90,563-$140,388. 26%
$140,388-$200,000 29%
Internet income $49,650
Deductions to determine net income $11,780
Federal income revenue enhancement withheld$6,874
Full non-refundable taxation credit amounts, excluding medical expenses$10,289
Medical expenses$2,500
Refund or Boosted taxation $
What is the average taxation rate for a person who paid taxes of $5,154.24 on a total taxable income of $twoscore,200?(Circular off to 2 decimal places.
Boilerplate tax rate %
Would you prefer a fully taxable investment earning 12.9 percent or a tax-exempt investment earning 8.5 per centum?
Preferred investment: Tax-free investment @ 8.5% or Taxable investment @ 12.nine%
Why? Assume a combined 2016 marginal tax charge per unit of 43.41 percentage.
Franklin Stewart arrived at the following tax information:
Gross salary$51,300
Interest earnings 410
Dividend income from eligible dividends 100
Bones personal amount three,650
Deductions 8,130
Other losses one,800
What amount will Franklin study every bit taxable income? (Round off to the nearest dollar corporeality.
Taxable income $
On December 30, y'all decide to make a $ane,900 charitable donation.
a.If you are in the 20.5 percent federal tax bracket, how much will you salvage in taxes for 2016? Assume that amounts in excess of $200 do non exceed 75 percent of Net income.
Tax savings for the electric current year $
b.If you deposit that tax savings in a savings account for the next seven years at ten percent, what is the future value of that account? Apply Showroom 1-A.Circular time value gene to 3 decimal places and final respond to 2decimal places.
Future value of taxation savings $
Martin is 43 and has lived in Canada his whole life. He recently received an inheritance and would like to open a TFSA. What is the maximum amount he can contribute in 2020 bold he has never contributed to a TFSA in the by?
$
Since opening her TFSA in 2014 (when she turned 18), Aaida has contributed the maximum TFSA dollar limit in each yr. By the end of 2019, she had made deposits totalling $38,000 in her TFSA account. In Jan 2020, Aaida fabricated a $6,000 contribution. Soon later on, she withdrew $2,500 to pay for an emergency. Advise Aaida on when she is allowed eolith the $ii,500 into her TFSA.
identify 3 benefits of having a My Account with the CRA.
Answer & Explanation
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Based On The Following Data, Would Ann And Carl Wilton Receive A Refund Or Owe Additional Taxes?,
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