Kelsey is 48 years old and her husband, Bob, is 68. Kelsey's only source of income...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Kelsey is 48 years old and her husband, Bob, is 68. Kelsey's only source of income is from rental properties. Her net and taxable income is $250,000. Bob has investment income of $6,200. They have a 26 year old disabled son, Albert, who lives with them. His disability qualifies him for the disability tax credit and he has no income of his own. Other disbursements during the year were: Prescription medicine for Bob Donation to registered charity Dropdown boxes are provided in column A. Required: For the 2021 taxation year, calculate Kelsey's net federal tax payable (12 marks). Taxable Income Federal tax on First Federal tax on remaining $2,655 1,252 Gross Tax Tax Credits at 15%: Kelsey is 48 years old and her husband, Bob, is 68. Kelsey's only source of income is from rental properties. Her net and taxable income is $250,000. Bob has investment income of $6,200. They have a 26 year old disabled son, Albert, who lives with them. His disability qualifies him for the disability tax credit and he has no income of his own. Other disbursements during the year were: Prescription medicine for Bob Donation to registered charity Dropdown boxes are provided in column A. Required: For the 2021 taxation year, calculate Kelsey's net federal tax payable (12 marks). Taxable Income Federal tax on First Federal tax on remaining $2,655 1,252 Gross Tax Tax Credits at 15%:
Expert Answer:
Answer rating: 100% (QA)
Kelseys taxable income is 250000 Federal tax on the first 485... View the full answer
Posted Date:
Students also viewed these finance questions
-
The accounting alternative treatments for the investment tax credit originally outlined in APB Opinions 2 and 4 are still considered GAAP. Find and cite the FASB ASC paragraphs and copy the relevant...
-
Greg has one employer, and his only source of income is wages. In 2019, he claimed the standard deduction and no other deductions or credits. He received a large refund after filing his 2019 tax...
-
Jamie's only source of income is $40,000,000 of income from a partnership in which she materially participates in. She is single and her only itemized deduction is the $600,000 in property taxes she...
-
Modify Index to make a program IndexByKeyword that takes a file name from the command line and makes an index from standard input using only the keywords in that file. Note: Using the same file for...
-
What is meant by an observation technique? What is observed, and why is it recorded?
-
Continental AG is a large German supplier of auto parts. Assume that Continental had 62.4 million of prepaid expenses on January 1, 2012. ( stands for euro the European currency.) This item mainly...
-
For a Markov process define its infinitesimal operator: \[T(t) f\left(X_{s} ight)=\int f(y) p\left(t, X_{s}, y ight) d y=E\left[f\left(X_{t+s} ight) \mid X_{s} ight]\] Show that this operator is a...
-
Newteh Computer Services, Inc., has been in business for six months. The following are basic operating data for that period. .:. Required a. What is the average service revenue per hour for the...
-
Venty that Rolle's Theorem can be applied to the function f(x)=23-11z + 36z - 36 on the interval [2,6] Then find all values of c in the interval such that f' (c) = 0. Enter the exact answers in...
-
Caratini Company sells custom-made windows to Bryant Inc. for a new office building. The sale price for the windows is $275,000. Caratini requires customers to provide a down payment of 15% before it...
-
Which of the following is not one of the underlying assumptions of the Capital Asset Pricing Model (CAPM)? (A) We live in a world of perfect capital markets (B) All investors hold well-diversified...
-
There is a dollar sale on neckties. You buy 10. Estimate your consumer surplus if you would have been willing to pay $10 for the fi rst tie, $9 for the second, $8 for the third, and so forth.
-
As price falls, quantity demanded ________.
-
McDavids is the nations leading fast-food chain, but senior leaders of the company believe that they should diversify by investing in the aerospace business. They have collected data on a pure play...
-
If a fi rms total revenue is $5 billion, its fi xed costs are $3 billion, and its variable costs are $1.5 billion, what does it do (a) in the short run and (b) in the long run?
-
If price is above ATC, the firm will ______. a) shut down in the short run and go out of business in the long run b) shut down in the short run and stay in business in the long run c) operate in the...
-
As part of your project, you will describe a social, cultural, or global event where a technology plays a significant role. For this activity, you will r on the specific tehnology of your choice....
-
Study the pictures/images below. Obviously these was focus on LT sociology, anthropology and poltical science. Try to do some analysis by finding clues that are synonymous with the main concepts....
-
A running mountain lion can make a leap 10.0 m long, reaching a maximum height of 3.0 m. a. What is the speed of the mountain lion just as it leaves the ground? b. At what angle does it leave the...
-
Emily throws a soccer ball out of her dorm window to Allison, who is waiting below to catch it. If Emily throws the ball at an angle of 30 below horizontal with a speed of 12 m/s, how far from the...
-
In punting a football, the kicker tries to maximize both the distance of the kick and its hang timethe time that the ball is in the air. A kicker gets off a great punt with a hang time of 5.0 s that...
Study smarter with the SolutionInn App