Answered: What would be the individual's total…

What would be the individual's total federal tax (federal tax less credits) in 2022? Group of answer choices 4,676 6,881 4,774 None of these 6,835

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 38P

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

In 2022, an individual received a salary of $50,000. Deducted from the salary were income taxes of $10,000, the maximum Canada pension plan (CPP) and employment insurance (EI) contributions of $3,441 of which $349 was the enhanced CPP contribution, and charitable donations of $450. What would be the individual's total federal tax (federal tax less credits) in 2022?

Group of answer choices

4,676

6,881

4,774

None of these

6,835

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