1.Module 6 – Mid-Term Question
Tanya is 45 years of age and her 2020 income is made up of employment income
t income of $93,500 and she contributed $9,800 to her Registered Retirement Savings Plan. (Assuming she has the RRSP contribution room from working in 2019). She was awarded a year-end bonus of $10,000, all of which was payable in February 2021. [The bonus was received on February 10, 2021 – consider if the bonus should be included in employment income in 2020 or 2021 (cash or accrual basis)].
For 2020, her employer withheld maximum CPP ($2,898) and EI ($856) contributions.
Tanya lived with her family in Lethbridge, Alberta. Other information pertaining to 2020 is as follows:
Tanya’s spouse is 47 years old and his employment income for the year totaled $45,500.
Bob and Tanya have a daughter, Tammy, who is 3years old in 2020. Tammy was taken care of while Bob and Tanya worked during 2020 by Bob’s mother who is currently unemployed and retired.
The family’s medical expenses for the year, all of which were paid by Bob, totaled $3,355. Of this amount, $300 was reimbursed by Tanya’s employer.
During the year, Tanya made cash donations to registered Canadian charities in the amount of $3,500 and Bob made $200. (Consider whether Bob will have higher donation credit if he transferred the $200 donation credit to Tanya or if he should use the credit on his return)
During the year, Bob made contributions to federal political parties totaling $1,150.
Both Tanya and Bob earned rent income from their house basement rented out during 2020. The details of the rent activities are as follows:
Rent income $7,500
Repairs (Bathroom and Kitchen) $1,080
Utilities (100% for the basement) $1,320
Advertising the basement $150
No Capital Cost Allowance is planned as they would like to maintain the entire house as a principal residence in the future. The net rental income will be shared jointly (50%) on their tax return in 2020.
Required: Use the above information to determine Tanya and Bob’s
Net income for tax purposes
Federal tax payable before tax credit (Gross tax)
Tax credits available
Federal tax payable for 2020. (Do not consider provincial tax payable)
Federal Tax Bracket
Tax Bracket 2020 Tax Rate 2020 Tax Bracket 2021 Tax Rate 2021
Up to $48,535 15% Up to $49,020 15%
$48,536 to $97,069 20.50% $49,021 to $98,040 20.50%
$97,070 to $150,473 26% $98,041 to $151,978 26%
$150,474 to $214,368 29% $151,979 to $216,511 29%
$214,369 and over 33% $216,512 and over 33%
3.Hi, I have one question on my math homework that I can't seem to figure out. Please help me! Here
is Imagine that in the voting for a certain award, 7 points are awarded for first place, 4 points for second, 3 points for third, 2 points for fourth, and 1 point for fifth. Suppose there were five candidates (A, B, C, D, and E) and 47 voters. When the points were tallied, A had 155 points, B had 173 points, C had 170 points, and D had 154 points. Find how many points E had and give the ranking of the candidates. (Hint: Each of the 47 ballots hands out a fixed number of points. Figure out how many, and take it from there.)
4. When to balance dice are rolled, there are 36 possible outcomes. Find the probability that the sum is
is a multiple of three or greater than eight.
A certain game consist of rolling a single fair die and pays off as follows nine dollars for a six, six dollars for a five, one dollar for four and no payoffs otherwise.Find the expected winnings for this game.
A fair die is rolled four times. A 6 is considered success While all other outcomes are failures find the probability of three successes.
A pet store has nine puppies including 4 poodles 3 terriers and 2 retrievers. If Rebecca an errand in that order each select one puppy at random without replacement find the probability that Aaron select a retriever given that from last Rebecca selects a poodle.
Experience shows that a ski lodge will be for (166 guests) if there is a heavy snowfall in December, well only partially full (52 guests) With a light snowfall. What is the expected number of guests if the probability for a heavy snowfall is 0.40? I assume that heavy snowfall and light snowfall are the only two possibilities.
A pet store has six puppies Including two poodles two Terriers and to retrievers. If Rebecca and Aaron in that order each select one puppy random with replacement (They both may select the same one) Find the probability That Rebecca selects a terrier and Aaron selects a retriever.
Three married couples arrange themselves randomly in six consecutive seats in a row. Determine (A) the number of ways the following event can occur, And (B) the probability of the event. (The denominator of the probability fraction will be 6!=720, The total number of ways to arrange six items ). Each man was that immediately to the right of his wife.
A coin is tossed five times. Find the probability that all our heads. Find the probability that at least three are heads.
A certain prescription drug is known to produce undesirable facts and 35% of all patients due to drug. Among a random sample of a patient using a drug find the probability of the stated event. Exactly 5 have undesired effects.
10,000 raffle tickets are sold. One first prize of 1600, for second prizes of 800 each, And 9/3 prizes of 300 each or to be awarded with all winners selected randomly. If you purchase one ticket what are your expected winnings.
Suppose a charitable organization decides to Raise money by raffling A trip worth 500. If 3000 tickets are sold at one dollar each find the expected net winnings for a person who buys one ticket. Round to the nearest cent
Three men and seven women are waiting to be interviewed for jobs. If they are selected in random order find the probability that all men will be interviewed first
A fair diet is rolled. What is the probability of rolling on our number or a number less than three.
The pet store has 15 puppies, including five poodles, five Terriers, and five retrievers. If Rebecca and Aaron, in that order, select one puppy at random without replacement, find the probability that both select a poodle
Beth is taking a nine question multiple-choice test for which each question Has three answer choices, only one of which is correct. Beth decides on answering By rolling a fair die And making the first answer choice if the die shows one or two, The second If the die shows three or four, and the third if the die shows five or six. Find the probability of the stated event. Exactly 6 correct answers
For the experiment of drawing a single card from a standard 52 card deck find (a) the probability and (b) the odds are in favor that they do not drive six