Ms. Marilyn always maximizes her RRSP contributions and has approached you to determine the maximum tax...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ms. Marilyn always maximizes her RRSP contributions and has approached you to determine the maximum tax deductible RRSP contribution that she can make for 2020, based on the following from her 2019 tax return: 6,793 1,500 300 3,000 1,800 300 If the pension adjustment reported by Ms. Marilyn's employer was $2,000 for 2020 and $2,500 for 2019, then the maximum, tax deductible RRSP contribution Ms. Marilyn can make in 2020 is: 0 6.253 8,253 Gross employment income CPP EI RPP contributions 5,753 Moving expenses Spousal support paid $50,650 2,163 747 Loss on rental property Interest income Ms. Marilyn always maximizes her RRSP contributions and has approached you to determine the maximum tax deductible RRSP contribution that she can make for 2020, based on the following from her 2019 tax return: 6,793 1,500 300 3,000 1,800 300 If the pension adjustment reported by Ms. Marilyn's employer was $2,000 for 2020 and $2,500 for 2019, then the maximum, tax deductible RRSP contribution Ms. Marilyn can make in 2020 is: 0 6.253 8,253 Gross employment income CPP EI RPP contributions 5,753 Moving expenses Spousal support paid $50,650 2,163 747 Loss on rental property Interest income
Expert Answer:
Answer rating: 100% (QA)
Add The RRSP deduction limit for the 2020 tox year 18 of taxpayers pretax ea... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
Students also viewed these mathematics questions
-
The Whitaker Corporation has hired you to determine the cost of processing a customer order. The firm expects to process 1,250 orders next year. The following costs are to be included in the relevant...
-
The calculations in PERT allow you to determine the probability that as project will be completed. Suppose you calculate that the probability a project will be completed by a target deadline is only...
-
The director of sales, jorge muoz, has approached you to recommend training for new sales representatives. In the form of an e-mail (placed in a word document), complete the following: identify the...
-
What is the output of the following program: #include using namespace std; void Push(int x[], int y[], int n) { int i = 0, j = n - 1; while (i
-
Calculate the cash dividend paid per share for each of the firms in the following table using their earnings per share and dividend payoutratio: Company Dividend Payout Ratio Earnings per Share...
-
On November 7, 2013, Twitter released its initial public offering (IPO) priced at $26 per share. When the day ended, it was priced at $44.90, reportedly making about 1600 people into millionaires in...
-
Diet Cola and Weight Gain in Rats A study fed one group of rats a diet that included yogurt sweetened with sugar, and another group of rats a diet that included yogurt sweetened with a zero calorie...
-
Yeager Company pays John Kerr a salary as an employee and also fees for work he does as an independent contractor. Does this violate IRS rules?
-
The following transactions took place in December 2021 at MegaMart. MegaMart follows IFRS and uses the contract-based approach to revenue recognition and a perpetual inventory system. Dec 10 Dec 15...
-
The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For...
-
The Steering Arm Value Stream produces TWI's steering arms. A steering arm is a metal rod with a forged fitting welded to each end. The steering arms are available in 20 different lengths, 2...
-
Identify and discuss the environmental impact of intermodal transportation. Discuss the role of ports within intermodal transportation and the importance effective network design has on port...
-
What are some ways outsourcing has positively or negatively impacted your specific organization or industry as a whole? Are there alternatives to outsourcing operations that mirror similar...
-
IT systems are critical to the operations of any company. They are also vulnerable to disruptions and require layers of controls. Explain the multilayered process companies should follow to mitigate...
-
When a company creates a logistics strategy it is defining the service levels at which its logistics organization is at its most cost-effective. Because supply chains are constantly changing and...
-
The present worth of a 4 year project is $150 million. it has an initial cost of $95 million, certain annual saving due to its construction and certain operating costs. it has a salvage value of $44...
-
+ . . . . . . At the present time, the beginning of year 1, the Barney-Jones Investment Corporation has $100,000 to invest for the next 4 years. There are five possible investments, labeled A through...
-
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
All facts about this NFPO are identical to those described in Problem 2, except that the association wants to use the deferral method of accounting for contributions. The centre will continue to use...
-
Ashton Inc. acquired a 40% interest in Villa Corp. for $200,000. In the first year after acquisition, Villa reported a loss of $700,000. Using the equity method, how should Ashton account for this...
-
Explain how changes in the fair value of contingent consideration should be reported, assuming that the contingent consideration will be paid in the form of cash.
-
The number on the jersey of each New York Giants football player is recorded, then the mean of those numbers is computed. Decide whether the statement makes sense (or is clearly true) or does not...
-
A professor calculates final grades using a weighted mean in which the final exam counts twice as much as the midterm. Decide whether the statement makes sense (or is clearly true) or does not make...
-
The following ages (years) of survey respondents: 22, 19, 21, 27, over 65, over 80. State whether the mean or median would give a better description of the average. Explain your reasoning.
Study smarter with the SolutionInn App