Khalid makes $57,000 a year. In 2021, the YPME is $61,600, YBE is $3500, contribution rate is 5.45% each. How much will he contribute in 2021 towards CPP? O $3204 $2604 $5196 $2648
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- Ms. Lun is earning P20,000 per month. She plans to invest in an insurance company an amount equivalent to 10% for his earnings. The insurance company offers 10% percent on his annual contributions at the end of each year, how much will she have at the end of the tenth year? a. 12,290 b. 20,000 c. 31,874 d. 382,498Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210Miss A has P300,000 annual income while Miss B has P800,000 annual income. Explain the ability to pay theory based on the given situation.
- Y8 In January of 2022, Molly contracted a student loan of $10,000 to be repaid over 5 years at a rate of 7%, compounded monthly. Payments are monthly. In addition, she incurred eligible moving expenses of $500, paid tuition of $5,000 and earned gross employment income of $21,300 in 2022. What total tax credit will he receive for education-related expenses? Round to the nearest dollar. Select one: a. $1,024 b. $274 c. $900 d. $847Suppose that Thomas Lee is enrolled in a defined contribution plan in which the employer contributes $8,000 each year. Thomas is earning $80,000 this year and his tax rate is 30 percent (which is not expected to change). Assume that the before- tax rate of return is 8 percent. (a) What is the additional amount of funds that Thomas will have when he reaches retirement in 10 years as a result of this year's service? (b) Suppose that Thomas's employer is planning to reduce half of their contribution to the defined contribution plan. Assume that Thomas would like to keep his retirement funds the same as they would have been with the defined contribution plan. If Thomas's only opportunity to save for retirement is in a nonqualified savings plan (no tax benefits), how much would Thomas need to receive in additional salary (which he would then save) to achieve his objective?If Jennifer contributes $500 every quarter into her superannuation fund for the next 45 years, how much will she accumulate assuming she can earn 8% p.a. and the first contribution is made immediately? Select one: a. $858,020.78 b. $652,810.16 c. $90,000.00 d. $875,181.20
- Tyler Winkle's employer in Pittsburgh makes a matching contribution of $2,000 a year to his 401(k) retirement account at work. If the dollar amount of the employer's contribution increases 6 percent annually, how much will the employer contribute to the plan in the twentieth year from now? Round Future Value of a Single Amount in intermediate calculations to four decimal placesSandra earns $21,000 in employment income in 2020 and her spouse Susan earns$18,000. They have two children: Mike, who is 5 years old, and Eric, who is 9 yearsold. They spent $2,500 on after school care from 3:30 - 5:30 each day, since theywork until 5:30, and they also sent Eric to a 2-week biking training camp for $1,000where he stayed overnight in cabins.Calculate the maximum child care expense deduction the family can take.Sam Smith is currently employed as a mechanical engineer and is paid$65,000 per year plus benefits that are equal to 30 percent of his salary. Sam wants to begin a consulting firm and decides to leave his current job.After his first year in business, Sam’s accountant informs him that he hasmade $45,000 with his consulting business. Sam also notices that he paid$6,000 for a health insurance policy, which was his total benefit during hisfirst year. What was Sam’s opportunity cost?