Dwayne Brooks is self-employed and, because of the high level of his income, is required to make
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Question:
Dwayne Brooks is self-employed and, because of the high level of his income, is required to make a 2019 CPP contribution of $5,498 [(2)($2,749)]. How will this affect his 2019 Net Income For Tax Purposes and his 2019 Taxable Income?
A. Neither his Net Income For Tax Purposes nor his Taxable Income will be affected.
B. Both his Net Income For Tax Purposes and his Taxable Income will be reduced by $825.
C. Both his Net Income For Tax Purposes and his Taxable Income will be reduced by $2,749.
D. Both his Net Income For Tax Purposes and his Taxable Income will be reduced by $5,498
Related Book For
Fundamental Statistics for the Behavioral Sciences
ISBN: 978-1285076911
8th Edition
Authors: David C. Howell
Posted Date: