the family home and both children of the marriage live with him. His daughter is 23-year-old and has a physical disability that makes her wholly dependent on him for support. However, she does not qualify for disability tax credit. His son is 14 years old and is in good health. Both the kids do not have any income for tax purposes. Determine Mr. Foret for its maximum federal tax credits for 2022. (Given: Basic Personal amount: $14398,
the family home and both children of the marriage live with him. His daughter is 23-year-old and has a physical disability that makes her wholly dependent on him for support. However, she does not qualify for disability tax credit. His son is 14 years old and is in good health. Both the kids do not have any income for tax purposes. Determine Mr. Foret for its maximum federal tax credits for 2022. (Given: Basic Personal amount: $14398,
Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions
Section: Chapter Questions
Problem 3CPA
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Mr. John Foret is 42 years old and divorced from his wife. His net income for tax purposes consists of rental income. He has retained the family home and both children of the marriage live with him. His daughter is 23-year-old and has a physical disability that makes her wholly dependent on him for support. However, she does not qualify for disability tax credit. His son is 14 years old and is in good health. Both the kids do not have any income for tax purposes. Determine Mr. Foret for its maximum federal tax credits for 2022.
(Given: Basic Personal amount: $14398, Eligible dependent amount: $ 14398, Canada Care giver amount - $ 7348, Rate – 15%)
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