Danai and his partner, Alexi, both work in the social services sector. Danai earns an...
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Accounting
Danai and his partner, Alexi, both work in the social services sector. Danai earns an annual gross salary of $84,000 and is in a 35% tax bracket. Alexi earns an annual gross salary of $38,000 and is in a 25% tax bracket. (Ignore CPP, EI and Provincial taxes.) Each partner has an opening RRSP contribution room of $8,000 for 2016. Show your calculation details for full marks.
Required:
- Calculate Danais net monthly pay and spendable income if he contributes $300 per month to his RRSP account. [3 points]
- What will Danais RRSP contribution room be at the beginning of 2017? [3 points]
- Calculate Alexis net monthly pay and spendable income if he contributes $200 each month to a tax-free savings account. [3 points]
- What will Alexis RRSP contribution room be at the beginning of 2017? [3 points]
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