During 2022, Marlene receives OAS of $7,200 and pension income of $80,000. Which of the...
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Accounting
During 2022, Marlene receives OAS of $7,200 and pension income of $80,000. Which of the following statements about the OAS pension recovery tax is true in Marlenes case?
A. Marlene will have OAS pension recovery tax of $816 added to her tax payable for the year. This amount has no effect on Marlenes income.
B. Marlene will have OAS pension recovery tax of $816 added to her tax payable for the year. The same amount will be deducted from her income for tax purposes.
C. Marlene will have OAS pension recovery tax of $1,080 deducted in determining her net income and added to her tax payable for the year.
D. Marlene will pay the OAS pension recovery tax in 2023 because her income has surpassed the threshold for this tax in 2022.
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