Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or...
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Accounting
Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required.
5. Mr. Morant is 68 years old and has Net Income for Tax Purposes of $29,500, which is comprised of Old Age Security benefits and pension income paid out of his Registered Retirement Income Fund. He is single and he has a son who is 13 years old and is deaf. He has no income of his own.
6. Ms. Young is divorced and maintains a residence far from her former spouse. She has custody of the 2 children from the marriage. They are aged 9 and 12 and in good health. They both earn $750 from paper routes. Her Net Income for Tax Purposes is $72,000, all of which is spousal support payments.
Please use the format below:
5 | Particulars (Mr. Morant) | Amount |
Basic Personal Amount | ||
Spouse Amount | ||
Mother Amount | ||
EI Amount | ||
CPP Amount | ||
Canada Employment | ||
Eligible Dependent Amount | ||
Age Amount | ||
Pension Amount | ||
Canada Caregiver Amount | ||
Total credit base | 0 | |
6 | Particulars (Ms. Young) | Amount |
Basic Personal Amount | ||
Spouse Amount | ||
Mother Amount | ||
EI Amount | ||
CPP Amount | ||
Canada Employment | ||
Eligible Dependent Amount | ||
Age Amount | ||
Pension Amount | ||
Canada Caregiver Amount | ||
Total credit base | 0 |
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