Brent Wells is single and lives alone. During 2021 he earned employment income of $133,000. His employer withheld EI ($890) and CPP ($3,166) contributions of $4,056 (including CPP enhanced contributions of $290) and
Brent Wells is single and lives alone. During 2021 he earned employment income of $133,000. His employer withheld EI ($890) and CPP ($3,166) contributions of $4,056 (including CPP enhanced contributions of $290) and
Chapter6: Business Expenses
Section: Chapter Questions
Problem 64P
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Brent Wells is single and lives alone. During 2021 he earned employment income of $133,000. His employer withheld EI ($890) and CPP ($3,166) contributions of $4,056 (including CPP enhanced contributions of $290) and income tax. He has a portfolio of investments that generated eligible dividends from Canadian corporations of $10,000. He donated public company shares worth $1,300 to the Canadian Cancer Society. The adjusted cost base (ACB) of the shares donated was $1,400.
Determine Brent's federal tax payable for 2021. Show all steps and all calculations.
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT