FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Phil Cousteau is an accountant. Phil is 47 years old and is married to Claire who is 45 years old. She has Net Income For Tax Purposes in 2020 of $9,000, all of which is interest on investments she inherited from her mother.
Phil and Claire have two children, a 15 year old daughter, Haley, and a 19 year old son, Manny. Both Haley and Manny live at home. Haley earned $800 during 2020 baby-sitting.
Manny inherited investments from his grandmother and received $15,000 in interest income from them during 2020.
Phil works for ModFam Company and was paid a salary of $70,000 in 2020. He also earned a bonus of $5,000 in 2020, with equal payments in 2020 and 2021.
During 2020, the following amounts were deducted from Phil's pay:
Federal Income Tax $8,500
CPP 2,898
EI 856
Registered Pension Plan 1,200
United Way Donations 1,500
The company matched the RPP amounts.
Phil paid $900 for his 2020 professional association dues. Claire made a $500 donation to their church during 2020.
Required: For the 2020
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