1. Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? (Input the amount as a positive value. Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.)

Taxable Income Tax Rate

0-$47,630 15%

$47,630-$95,259 20.5%

$95,259-$147,667 26%

$147,667-$210,371 29%

Net income(line 23600) $ 51,290

Deductions to determine net income $ 11,630

Federal income tax withheld $ 7,099

Total non-refundable tax credit amounts,

excluding medical expenses $ 12,174

Medical expenses $ 3,000

2. Anne had earnings from her salary of $40,000 and a contribution to a registered retirement saving plan of $1,500, and a contribution of $5000 to a TFSA. Anne's' net income would be

Multiple Choice

1. $33,500.
2. $35,000
3. $38,500.
4. $40,000.
5. $41,500.

3.Which of the following is an example of a tax credit?

Multiple Choice

1. mortgage interest
2. capital losses
3. individual retirement account contributions
4. caregiver and medical expenses
5. net business income

4.Which of the following is a standard tax credit?

Multiple Choice

1. child care expenses
2. RRSP contributions
3. Union Dues
4. the basic personal amount
5. moving expenses

5.Reductions from gross income for such items as registered retirement account contributions and RESP payments will result in

Multiple Choice

1. business income
2. taxable income.
3. earned income.
4. net income.
5. total exclusions.

6.Jack sold $20,000 worth of stocks that were purchased one year ago for $15,000. He is in a 22% tax bracket. Jack's capital gains taxes are:

Multiple Choice

a. $500.

b. $550.

c. $1,100.

d. $2,500.

e. $4,400.

7.Phillip Marnier had earnings from his salary of $40,000, interest on savings of $700, and a contribution to a registered retirement saving plan of $1,500. Phillip's net income would be

Multiple Choice

1. $39,200.
2. $40,000.
3. $39,300.
4. $38,500.
5. $41,500.

8.Taxable income is used to compute a person's

Multiple Choice

1. exemptions.
2. income tax.
3. deductions.
4. tax credit.
5. exclusions.

9. If the 17 percent interest rate quoted on Dave's loan had been compounded monthly, what would have been the effective annual interest rate charged on the loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

Effective annual rate of interest

10. a. If Dave had borrowed $320 for one year at an APR of 8 percent, compounded monthly, what would have been his monthly loan payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.)

PMT $

b. What would have been the breakdown between interest and principal of the fifth payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answers to 2 decimal places. Omit the "$" sign in your response.)

Interest $

Principal $

11. Calculate the Gross Debt Service (GDS) and the Total Debt Service (TDS) ratios for the following data. (Round your answers to 2 decimal places. Omit the "%" sign in your response.)

Monthly mortgage payment = $2,625

Property taxes = $305

Heating costs = $220

Other housing costs = $175

Personal loan payment = $255

Car loan payment = $305

Credit card payment = $255

Gross monthly household income = $13,050

Monthly mortgage payment $2,625

Property taxes $305

Heating costs $220

Other housing costs $175

Personal loan payment $255

Car loan payment $305

Credit card payment $255

Gross monthly household income $13,050

Gross Debt Service %

Total Debt Service %

12. Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.)

a) A $106,000, 15-year loan at 8.5 percent APR compounded semi-annually $

b) A $81,000, 25-year loan at 6.5 percent APR compounded semi-annually $

c) A $89,000, 20-year loan at 6.0 percent APR compounded semi-annually $