Tina Chatwood is single with no dependants. During the year she had the followingamounts deducted from her salary of $70,000:CPP premiums 2,898El premiums856Income tax4,300Based on this information, what amount is closest to Tina's total federal tax creditsfor 2020 that can be claimed on her return.$0$750$2,734$2,547

This problem seems tobe of Canada because CPP premium is Canadian Pension…

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Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Tina Chatwood is single with no dependants. During the year she had the following
amounts deducted from her salary of $70,000:
CPP premiums 2,898
El premiums
856
Income tax
4,300
Based on this information, what amount is closest to Tina's total federal tax credits
for 2020 that can be claimed on her return.
$0
$750
$2,734
$2,547

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