60.1K

Verified Solution

Link Copied!

Income taxation bracket 0 to $45282-15% 45282-90563-20.5% 90563-140388-26% 140388-200000-29% 200000+ -33% FCA: Basic personal amount for taxpayer:11474, the amount added for impaired individual: 2121 caregiver tax credit: personal amount: 4667, The base for the credit is reduced by the amount of the dependent's net income in access of $15490 Infirm dependent tax credit: basic amount:6788, The base for the credit is reduced by the amount of the dependent's net income in access of $6807 threshold amount for medical:2237 Education:full time: 400*15% per month, part time: 120*15%[education tax credit] Textbooks: (15%*65]/month for full time and [15%*20]/month for part time ancillary and examination:250 is reduced(covered by the tax credit] Basic cumulative formula = [Ax B/30]-C-D-E A is prescribed amount=$800 D-notional amount of interest since the due date for vehicle with lease in excess of $1000 Anti avoidance formula= [A x B/0.85C]-D-E B-Prescribed amount=30000 C= 35294 if the list price(price of the car is less than $35294) Income taxation bracket 0 to $45282-15% 45282-90563-20.5% 90563-140388-26% 140388-200000-29% 200000+ -33% FCA: Basic personal amount for taxpayer:11474, the amount added for impaired individual: 2121 caregiver tax credit: personal amount: 4667, The base for the credit is reduced by the amount of the dependent's net income in access of $15490 Infirm dependent tax credit: basic amount:6788, The base for the credit is reduced by the amount of the dependent's net income in access of $6807 threshold amount for medical:2237 Education:full time: 400*15% per month, part time: 120*15%[education tax credit] Textbooks: (15%*65]/month for full time and [15%*20]/month for part time ancillary and examination:250 is reduced(covered by the tax credit] Basic cumulative formula = [Ax B/30]-C-D-E A is prescribed amount=$800 D-notional amount of interest since the due date for vehicle with lease in excess of $1000 Anti avoidance formula= [A x B/0.85C]-D-E B-Prescribed amount=30000 C= 35294 if the list price(price of the car is less than $35294)

Answer & Explanation Solved by verified expert

See Answer