Jennifer, who is single and 24 years old, is enrolled in part time studies. Her net and taxable income is $ 65,000, all from employment. Her only non-refundable tax credits are the Basic Personal Amount and theamount related to her employment (CPP, El and Canada Employment Amount). How much net federal tax (Line 42000) will she save if she claims tution fees of $2000? By signing the back of T2202 form and S11 Jennifer can transfer $2000 tution to either of her parents. True or False
Jennifer, who is single and 24 years old, is enrolled in part time studies. Her net and taxable income is $ 65,000, all from employment. Her only non-refundable tax credits are the Basic Personal Amount and theamount related to her employment (CPP, El and Canada Employment Amount). How much net federal tax (Line 42000) will she save if she claims tution fees of $2000? By signing the back of T2202 form and S11 Jennifer can transfer $2000 tution to either of her parents. True or False
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 7P
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Transcribed Image Text:Jennifer, who is single and 24 years old, is enrolled in part-time studies. Her net and taxable
income is $ 65,000, all from employment. Her only non-refundable tax credits are the Basic
Personal Amount and theamount related to her employment (CPP, El and Canada
Employment Amount). How much net federal tax (Line 42000) will she save if she claims
tution fees of $2000 ? By signing the back of T2202 form and S11 Jennifer can transfer $2000
tution to either of her parents. True or False
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