10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2020 federal Tax Payable before consideration of credits a) $7,976 O b) $ 8,231 c) $10,901 O d) $7,280

10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2020 federal Tax Payable before consideration of credits a) $7,976 O b) $ 8,231 c) $10,901 O d) $7,280

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 16P

See similar textbooks

Related questions

Q: Denmark Torralba did not file his income tax return for the calendar year 2022 which was due for…

A: A tax is generally defined as a mandatory expense that is imposed on the income of particular…

Q: John has an income of 160000 , What would be his total tax liability based on the tax structure ?…

A: Given income of John is 160000 In case of slab rate of tax, tax liability has to be calculated based…

Q: Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give…

A: Average tax rate = Total tax bill / Taxable income * 100

Q: Steve's tentative minimum tax (TMT) for 2020 is $245,800. (Leave no answer blank. Enter zero if…

A: Given, Steve's tentative minimum tax (TMT) for 2020 is $245,800.

Q: Matteo, a single taxpayer has taxable income of $90,000. Using the US 2020 tax rate schedule. How…

A: Federal income tax is the tax levied by IRS (Internal Revenue service) on the annual taxable income…

Q: 2021? 3. What is the current income tax payable at Decem

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Note: Apply Philippine Taxation Nicanor registered as a non-VAT taxpayer in 2019 with a capital of…

A: Every person in Philippine is required to take VAT registration if its Gross sales are more than the…

Q: Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers.…

A: Tax liability: It is the amount of tax that a taxpayer owes to the government on his taxable income.…

Q: Eligible taxpayers may qualify to take the full 20% deduction for Qualified Business Income (or 20%…

A: Taxable Income refers to the part of total income received by an individual or corporation which is…

Q: Following are the income details of Mr. Albert is in UK for the tax year 2019-2020…

A: Tax:- A tax is the compulsory payment which is imposed by the government on the income and capital…

Q: Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give…

A: In order to determine the average tax rate, the total tax paid is required to be divided by the…

Q: What would be the balance of the deferred tax asset or deferred tax liability as at 30 June 2022

Q: What would be your federal income tax if your taxable income was $117,000.00? S What is the average…

A: Tax is a liability calculated on the income earned by an individual or company and paid to the…

Q: The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his…

A: Tax is a charge which is charged on the taxable income of a taxpayer earned during the year by a…

Q: Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers.…

A: The marginal tax rate is the tax rate you pay on an additional dollar of income. Average tax rate…

Q: A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020…

A: GIVEN A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in…

Q: what income tax savings could he expect by accelerating $8,000 of deductible expenditures planned…

A: Calculate tax liability for Danny: Tax liability = $14,605.16 + ($125,000 - $85,526) * 24% Tax…

Q: Mr. Albuera, a resident citizen, received P18,000.00 as interest from his short-term deposit.…

A: Solution Short term deposit means amount deposit generally for a period less than one year.

Q: 27. Mr. Gusion filed his 2019 income tax return and paid the tax shown thereon in the amount of…

A: Income tax: Tax collected by the central government of the country on the income generated by the…

Q: According to Progressive tax system in a country an individual are exempted for the first OMR 30,000…

A: Given that: Tax on first OMR 30,000 = $0 Tax on next OMR 45,000 (75,000 - 30,000) = 15% Tax on above…

Q: How much is the income tax payable assuming the taxable year is 2021? a. 330,000

A: Corporate tax is the tax liability calculated on the income earned by the company. It is reported…

Q: The 2009 U.S. tax rates for a single person are shown below f taxable icome is over- But not over-…

A: Exemptions and deductions both reduces the taxable income, but are not considered the same thing. A…

Q: US Tax System 2021 Jessie is a single taxpayer and has taxable income of $195,000 for 2020. If…

A: Gross income: Those incomes which are earned all source of income and under this income, not the…

Q: During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and…

A: As per Australia tax laws Taxable income = Assessable income - allowable deductions

Q: Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia.…

A: Gary Resident - Australia Year ended - 30/06/2022 Income Details Gross Salaries and Wages- $…

Q: ate: a. the marginal tax rate b. the average tax rate c. the effective tax rate.…

A: Gross income is nothing but, all income for the year, including wages, tips, earnings from…

Q: Determine from the tax table the amount of the income tax for each of the following taxpayers for…

A: Income tax is the tax which is levied by the tax authority on the net income of the firms. The…

Q: Below is a proposed alternative to the current federal income tax system based on a taxpayer's…

A: While calculating tax for the upper slab, the excess tax on lower slab needs to deducted in order to…

Q: During the year ended 30 jun 2020, melissa, a resident of Australia, has received rents of $5946 and…

A: 1. Gross Income = it is the total income received by the individual. 2. Deduction: These are the…

Q: The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income…

A: Income of domestic corporation from all over the world is subject to tax. However dividend received…

Q: Mr. Albert is a tax payer in UK and wants to compute his total income for the tax year 2019-2020.…

A: The adjusted financial net gain is total income less variety of reliefs, the key ones being pension…

Q: n 2021. What is the minimum total F the tax instalments required for

A: Taxpayers are allowed for deductions of investment expenses and miscellaneous itemized deductions…

Q: The 2019 tax brackets in France are given in the table. Gabriel has a taxable income of €36,700…

A: The tax liability is calculated based on slab rate given in the question. Accordingly, there is no…

Q: 21-Khalifa's taxable gain is £20,000 from disposal of other assets and had taxable income of…

Q: ow much is the income tax payable assuming the taxable year is 2021? a. 330,000

A: Income Tax : It is the amount of income which levied by the Government of the state on the income…

Q: 10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175.…

A: The tax amount is determined by using the Canadian federal tax table for the year 2020. the tax…

Q: 10. A taxpayer filed his income tax return on October 28, 2020. The deadline for the return was…

A: Penalties in the form interest : Effective from January 1, 2018 the interest penalty is 12 % per…

Q: . What is the amount of Ian and Isabella’s total itemized deductions in 2020 (including the…

A: The assessment of taxable income includes identification of type of taxpayer and his filling status.…

Q: Required: Determine the tax effect of the transactions that took place during 2020 and 2021 on Mr.…

A: At the time of exercise : When the employee has exercised the option, (agreed to buy) : the…

Q: ited States Tax Law: Taxpayer has mortgage interest on a $1,000,000 loan of $20,000. This is on…

A: The interest paid on the mortgages are subjected to the interest deductions and up to certain limits…

Q: 1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this…

A: Formula to calculate refund amount: Refund amount = Tax already paid or deposited or witheld…

Q: 57. What is the adjustment that must be made to taxable income in computing alternative minimum…

A: Alternative Minimum Tax(AMT): AMT is computed on the adjusted total income in united states. Its…

Q: The 2010 U.S. Federal tax rate for single individuals was as follows: 10% on an adjusted gross…

A: Answer: Given is the different tax rates on slab basis Tax function: Income limit Rate Tax…

Q: During 2020, Mr. Franz Schlitz receives $23,500 in eligible dividends from Canadian public…

A: Retention tax refers to any tax that is being imposed by an employer and deducted from an employee's…

Q: A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s…

A: Flexible Spending Account : It is a type of account which is like savings account for keeping aside…

Q: Use the information in Table 1-3. If the federal tax system was changed to a proportional tax rate…

A: Taxable Income - It is the amount of income upon which tax liability of an individual is calculated…

Q: 4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on…

A: Income tax is a direct tax that a government levies on the income of its citizens.

Q: Real estate tax, 2020 state balance due paid in 2021, personal property tax.

Q: Use the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give…

A: This question deals with the calculation of top marginal tax rate applicable, total tax bill and…

Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

100%

10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2020
federal Tax Payable before consideration of credits
a) $7,976
O b) $ 8,231
c) $10,901
d) $7,280

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28
LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2019:
LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.