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 taxation year, calculate Mr. Cousteau's minimum Taxable Income and Federal Tax Payable (Refund). Ignore all transfer amounts, if any.
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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