In each of the following independent Cases, determine the maximum amount of 2023 personal tax credits
In each of the following independent Cases, determine the maximum amount of 2023 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal income tax payable. Ignore, where relevant, the possibility of pension income splitting.
A calculation of federal income tax payable is NOT required, only the personal tax credits.
1. Sarah Partridge was 72 years old and had net income of $61,300. This total was comprised of OAS and pension income from her former employer. Her husband was 58 years old and had a net income of $4,725.
2. Martin Brody was divorced from his wife several years ago. He has custody of their four children, ages 7, 9, 12, and 15. His net income was $54,000 which consisted of spousal support payments. The children were all in good health. The oldest child had net income of $11,200 during the year. None of the other children had any income.
3. Marion Lassiter had net income of $132,450, all of which was rental income. Her husband had a net income of $1,600. They had three children, ages 14, 16, and 19. All these children were in good health and continued to live at home. The 19-year-old child had a net income of $8,460. None of the other children had any income. During the current year, Ms. Lassiter paid the following medical expenses:
Marion $ 4,240
Her Spouse 3,450
14-Year-Old Child 1,860
16-Year-Old Child 2,450
19-Year-Old Child 6,720
Total $18,720
4. Janice Archer had a net income of $92,100, none of which was employment income or income from carrying on a business. Her spouse had a net income of $7,240. Their daughter was 15 years old, lived with them, and had a net income of $2,150. Their son was 22 years old and, because of a physical infirmity, continued to live at home. He had no net income as he volunteered for a non-profit organization that provided services to disabled individuals. His disability was not severe enough to qualify for the disability tax credit.
5. Joan Baxter had a net income of $85,000, all of which was employment income. Her employer withheld maximum CPP contributions and EI premiums. She was married to John Brown whose net income was $4,230. They had three children aged 7, 9, and 11. All the children were in good health and none of them had any income.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.