Question: (Preferably you use the CRA forms to answer the question. CRA web site:http://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html). Calculate theFederal tax payable for the year 2010 for Mrs. Smith, given

(Preferably you use the CRA forms to answer the question. CRA web site:http://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html). Calculate theFederal tax payable for the year 2010 for Mrs. Smith, given the following information:

Employment income: $108,000

Actual dividends: $8,000 (these are other than eligible dividends)

Employee CPP contribution: $ 910

EI premium: $720

Registered Pension Plan Contribution: $7,400

Union dues: $600

RRSP contribution: $8,300

Prize from winning the lottery: $14,400

Life Insurance benefit payment received: $42,000

Interest income: $21,000

Tuition fees: $4,320 (was in school full time from January to April during the year)

Charitable donations: $4,890

Federal income tax deducted: $31,900

(Assume no more CPP contribution is required.)

Go to the CRA web site: http://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html to find the Tax Guide, forms, personal tax brackets and marginal tax rates for 2010.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Angela Care Homes Ltd. (Angela) operates 14 care homes for people suffering with mental illness in Western Canada. It hopes to expand to Eastern Canada over the next few years and is considering...

Use the CRA forms (T1 and necessary schedules) to answer the question. You need to navigate your way to locate the forms: http://www.cra-arc.gc.ca/menu-eng.html [Note that navigating the CRA web site...

Use the CRA forms (T1 and necessary schedules) to answer the question. You need to navigate your way to locate the forms: http://www.cra-arc.gc.ca/menu-eng.html Calculate the Federal tax payable for...

2. For a 35-year old individual who hasnt made any TFSA contribution since 2009, what is the maximum contribution that he/she can make this year? 3. Use the CRA forms (T1 and necessary schedules) to...

3. Use the CRA forms (T1 and necessary schedules) to answer the question. You need to navigate your way to locate the forms:http://www.cra-arc.gc.ca/menu-eng.html Calculate the Federal tax payable...

Adobe Acrobat Mrs. Wu comes to you for advice in February 2021. Last year 2020, was a year of considerable change and turmoil for her. Her job in Montreal, Quebec, with X Ltd. was finished because of...

Hello, This is the Fina 210 Course about Real estate. Could you help me to solve this problem and show me a solution? because i want to know how to solve this type of question in exam. Thank you! ps:...

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

Question MC 1 (43 minutes) [Chapters 2 to 8] Determine the single most appropriate response to the following questions. 1)Carla lives in Detroit, Michigan, USA. She commutes daily to Windsor,...

Old MathJax webview Old MathJax webview i need ans of these question but the source is alot these are 30 question this is anna smith profile there are alot of information about anna tax document but...

What is a problem parameter? Give some examples of parameters in a decision model.

It is estimated that 80% of all eighteen-year old women have weights ranging from 103.5 to 144.5 lb. Assuming the weight distribution can be adequately modeled by a normal curve and that 103.5 and...

When the insured purchased his health policy he was a window washer. He has since changed occupations and now manages a library If the insurer is notified of the insured's change of occupation, the...

1. A highway has an optional toll lane that drivers may take to reduce the time they spend driving. Drivers pay a small fee to enter the toll lane ($0.25). Then, once they leave the toll lane, they...

The CEOs Challenge youve just left an all-hands meeting at your company*. The CEO was very upset at the rise of shadow IT projects a major indicator that the companys internal information system has...

Suppose you are a Chief Financial Officer (CFO) of a UK based listed Part A - company. The company is currently trading at 10 per share and 10 million shares in issue. The total market value of the...

Mr and Mrs Lombago have leased a small coffee shop in the Grand Centuram Plaza (Plaza) for the past three years. The Lombagos have a daughter, Brunhilda, who has a serious disease that requires her...

Inventory management Three companies that compete in the footwear market are Foot Locker, Finish Line, and DSW. The table below shows inventory levels and cost of goods sold for each company for the...

Analyze the case study and answer the question in your own words 5 points in 1990s, Nestle faced significant challenges in its market growth. Despite of the stagnant population in western countries...

1. To provide an understanding of how trust is established in a communication context.

2. In this chapter, the reader should reflect on the following concepts: Basic values, basic interests, position, socialization process, mental variables and norm distribution.

6. List examples from your local environment of people that have a so-called Protestant character. Add further characteristics to this phenomenon than those mentioned in this chapter.