Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%. How much of a refund can Davide expect to receive for making this contribution? A $13,328 $25,000 C $11,673 $15,786 RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expected
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![Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%.
How much of a refund can Davide expect to receive for making this contribution?
A
$13,328
$25,000
C
$11,673
$15,786
E
RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expected](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5b258087-3b28-4aac-8537-efa3e32933b7%2F6f26c3f3-e559-4caa-9f25-0f4b2da98ad1%2Fufgcrp_processed.png&w=3840&q=75)
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- Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%. How much of a refund can Davide expect to receive for making this contribution? A $13,328 В $25,000 C $11,673 D $15,786 E RRSP's are similar to Tax-Free Savings Accounts (TFSA's) and are not tax deductible, no refund is expectedCarlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income? * a. P300 b. P720 c. P1,200 d. P1,500At his bank, Davide put $25,000 into his Registered Retirement Savings Plan (RRSP). He lives in Quebec and pays the highest tax rate of 53.31 percent. How much of a return can Been this anticipate getting for this donation? 1 $13,328 2 $25,000 3 $11,673 4 $15,786 5 Similar to Tax-Free Savings Accounts (TFSAs), RRSPs really aren't deductible for tax purposes, and no return is anticipated.
- Mr. Rizki is a private employee who is currently planning to buy a car to support mobility in his work. Currently Mr. Rizki has a savings of Rp. 80,000,000 and intends to buy a car for Rp. 216,168,000. Savings owned by Mr. Rizki will be used as a down payment in the purchase of the car and the rest will be paid on credit in the amount of Rp. 4,000,000 with an installment period of 48 months. What is the nominal and effective interest rate on the credit interest?Michael turned 25 years old on March 1, 2023, and just opened a Tax-Free Savings Account (TFSA) where he deposited $6,500. Help Michael with the scenarios below. Michael is aware of the following basics regarding TFSA’s: you can withdraw any amount from your TFSA whenever you want; all withdrawals are tax-free; withdrawing from your TFSA doesn’t result in lost TFSA contribution room; withdrawals you make this year will be added to your unused contribution room the following year (i.e. withdrawing from your TFSA has no effect on your contribution room in the year that you make the withdrawal, it only affects your contribution room for the following year); you can re-contribute any funds that you have withdrawn from your TFSA back into your account starting the year after the year in which you make the withdrawal (i.e. January 1st of the following year); and you can carry forward any uncontributed amounts into future years indefinitely. If Michael’s $6,500 TFSA investment decreases…Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) A 43.14% B 38.09% C 49.97% D 33.29% E 29.35%
- Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy’s average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) 43.14% 33.29% 49.97% 29.35% 38.09%Social Security. Dorinda earned $110,000. How much did she pay in Social Security taxes? The amount Dorinda paid in Social Security taxes is $ (Round to the nearest dollar.) GULDTroy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) A 43.14% В 38.09% 49.97% D 33.29% 29.35%
- Suppose you are28 and married. You and your spouse file for income taxes jointly. You are in the 25% tax bracket. You are considering a few personal investment issues. Which of the following strategies is most tax efficient for your situation? ______ a.Invest all your income inside your regular taxable investment account. b.First, fully fund your 401 (k) account, then invest the rest in the IRA and Roth IRA account, finally invest the remaining money, if any,in your regular taxable investment account. c.Fully fund your 401 (k) account, and then invest all the rest money in your regular taxable investment account. d.First, fully fund your IRA and Roth IRA account, then fund your401 (k) account, finally invest the remaining money, if any, in your regular taxable investment account.Michel has heard of some Canadians that are millionaires with their TFSA’s. If that were the case and they withdrew $1 million dollars from their TFSA account in 2023, how much tax would they pay on the withdrawn funds if they were in a 53.31% marginal tax bracket? Tax calculation on $1 million TFSA withdrawal:D’von works for a company that matches his 401(k) retirement contributions at a rate of “$0.50 per $1” of his contributions, up to 6% of his salary. D’von earns $60,000/year. Using Uncle Al’s advice, what is the minimum amount of salary that D’von should contribute to his 401(k) plan each year? A. $3,600 B. $7,200 C. $9,600 D. $18,000