In each of the following independent cases, determine the maximum amount of 2019 personal tax credits, including
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In each of the following independent cases, determine the maximum amount of 2019 personal tax credits, including transfers from a spouse or dependant, that can be applied again to federal tax payable by the taxpayer. A calculation of tax payable is not required only the applicable credits.
5. Ms. Cole has a Net Income For Tax Purposes of $175,000, all of which is employment | |||
income. Her employer has withheld and remitted the required EI and CPP amounts. She | |||
was married on December 1, 2019. Her new husband is an accounting student with a | |||
large firm. His salary for the period January 1 through November 30, 2019, was $33,000. | |||
For the month of December 2019, his salary was $3,000 | |||
Gross Tax before credits | |||
Tax Credits at 15%: | |||
Total | - | ||
Rate | 15% | - | |
Federal Tax Payable | - |
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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