Taxes Payable

Read the below situation to answer Questions $22$ to $34($for $2024$ tax return$)$:

Vincent is $63$ years old and is an employee at Centennial University with a salary of $$150,000.$ In addition to his salary, he has income of $$10,000$ from a registered pension plan from a previous job. His employer has withheld the maximum EI premium of $$1,049$ and CPP contribution of $$4,056.$ He does not qualify for enhanced CPP$.$ Vincent has no Division C deduction, therefore his taxable income is equal to his net income.

His wife Diane is $66$ years old and has net income for tax purposes of $$6,100.$

They have a $20$ year old son who lives at home. He is dependent because of a physical infirmity, but it is not severe enough to qualify him for the disability tax credit. However, he is able to attend college on a full$-$time basis for $8$ months during the year. John pays his tuition fees of $$9,400,$ as well as $$720$ for the textbooks that he requires in his program. The son has Net Income For Tax Purposes of $$8,350.$ The son agrees to transfer the maximum of his tuition fee amount to Vincent.$$ Vincent installed walking bars to make their home more accessible for his son which cost $$500.$ The son decided he would pay for the walking bars as they were for his benefit.$$ There were no other medical expenses for the family.

Question $22(2$ points$)$

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What is Vincent's Total Income?$$

Question $22$ options:

$160,000$

$150,000$

$140,000$

$0$

None of the above

Question $23(4$ points$)$

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What is Vincent's Federal Tax before Credits?

Question $23$ options:

$30,552$

$32,164$

$39,000$

$46,400$

None of the above

Question $24(2$ points$)$

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How much of the Basic Personal Amount tax credit, before $15\%$ is applied, can Vincent claim?

Question $24$ options:

$14,156$

$15,705$

$12,421$

$12,229$

None of the above

Question $25(3$ points$)$

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How much of the Spousal Amount tax credit, before $15\%$ is applied, can Vincent claim?

Question $25$ options:

$9,605$

$7,708$

$12,298$

$14,398$

None of the above

Question $26(2$ points$)$

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How much of the Canada Caregiver, before $15\%$ is applied, can Vincent claim?

Question $26$ options:

$9,549$

$8,375$

$2,273$

$0$

None of the above

Question $27(2$ points$)$

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How much of the Eligible Dependent tax credit, before $15\%$ is applied, can Vincent claim?

Question $27$ options:

$14,398$

$13,636$

$5,458$

$0$

None of the above

Question $28(3$ points$)$

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How much of the EI plus CPP tax credit, before $15\%$ is applied, can Vincent claim?

Question $28$ options:

$3,039$

$4,267$

$2,898$

$953$

None of the above

Question $29(2$ points$)$

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How much of the Age Amount tax credit, before $15\%$ is applied, can Vincent claim?

Question $29$ options:

$7,713$

$7,637$

$6,615$

$0$

None of the above

Question $30(2$ points$)$

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How much of the Canada Employment Amount tax credit, before $15\%$ is applied, can Vincent claim?

Question $30$ options:

$1,433$

$1,245$

$1,000$

$0$

None of the above

Question $31(2$ points$)$

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How much of the Tuition tax credit $($via transfer from son$),$ before $15\%$ is applied, can Vincent claim?

Question $31$ options:

$9,400$

$5,000$

$4,400$

$0$

None of the above

Question $32(2$ points$)$

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How much of the Medical tax credit, before $15\%$ is applied, can Vincent claim

Question $32$ options:

$500$

$250$

$100$

$0$

None of the above

Question $33(2$ points$)$

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How much of the Pension tax credit, before $15\%$ is applied, can Vincent claim?

Question $33$ options:

$4,000$

$2,000$

$1,000$

$0$

None of the above

Question $34(2$ points$)$

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Can Vincent claim the Home Accessibility Tax Credit?

Question $34$ options:

Yes

No