Jany Wall is a Tax Analyst with a Canadian public company. In 2022, she had net taxable
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Question:
Jany Wall is a Tax Analyst with a Canadian public company. In 2022, she had net taxable income of $88,800, all of which was employment income.
- Her employer withheld the maximum EI premiums of $953 and CPP contributions of $3,309. Assume that part of the CPP contribution of $461 has been properly considered in the determination of net and taxable income.
- Jany is 48 years old, and her common-law partner is 46 years old and has net income of $8,140.
- They have an adopted child who is 18 years old and lives at home. He attends college on a full time basis for 8 months during 2022. Jany pays his tuition fees of $4,650, as well as $650 for the textbooks that he requires in his program. The son has net income of $5,350. The son agrees to transfer the maximum education credits possible to Jany.
- Jany and her partner have medical expenses of $4,800. Medical expenses for the son total $3,200.
Required (Show all calculations):
Calculate the minimum Federal income tax payable for 2022 for Jany Wall.
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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