Q1: Randall receives a $4,200 monthly payment from a registered annuity. He calculates that 65.2% of the payment is a return of capital and the rest is interest. What portion of the payments would be taxable? Q2: Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84 000 this vear How much can he contribute.
Q1: Randall receives a $4,200 monthly payment from a registered annuity. He calculates that 65.2% of the payment is a return of capital and the rest is interest. What portion of the payments would be taxable? Q2: Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84 000 this vear How much can he contribute.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter11: Individuals As Employees And Proprietors
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:Accounting
Q1: Randall receives a $4,200 monthly payment
from a registered annuity. He calculates that
65.2% of the payment is a return of capital and
the rest is interest. What portion of the
payments would be taxable?
Q2: Tony earned $80,000 last year, and there
was a $4,800 pension adjustment. He will earn
$84,000 this year. How much can he contribute
to his RRSP this year, and what is his taxable
income this year ?
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