Ex-5 - MCQ PDF

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Personal Income Taxes - October 2018 1. 2. 3. 4. 5.

Home My courses STPITOCT18 Chapter 5 - Tax Payable Chapter 5 Exercise

Started on Saturday, 24 November 2018, 11:43 PM State Finished Completed on Sunday, 25 November 2018, 12:15 AM Time taken 32 mins 11 secs Grade 11.00 out of 11.00 (100%) Question 1 Correct Mark 1.00 out of 1.00

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Question text What is TONI? Select one: TONI is an acronym that stands for tax on International Income. TONI is an acronym that stands for the tax on interest income. Taxation in Ontario was first designed and implemented by premier named Mr. Toni. As a mark of respect, the taxation system is known as TONI in Ontario.

TONI is an acronym that stands for tax on Income. TONI is a method of calculating provincial personal income tax that started with the year 2000. Under TONI, participating provinces and territories are able to set their own tax brackets and tax rates. Feedback TONI is an acronym that stands for tax on Income. TONI is a method of calculating provincial personal income tax that started with the year 2000. Under TONI, participating provinces and territories are able to set their own tax. The correct answer is: TONI is an acronym that stands for tax on Income. TONI is a method of calculating provincial personal income tax that started with the year 2000. Under TONI, participating provinces and territories are able to set their own tax brackets and tax rates. Correct

Marks for this submission: 1.00/1.00. Question 2 Correct Mark 1.00 out of 1.00

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Question text Fred Lopez received dividend income from Canadian Controlled Private Corporation. This is the only income for the year. He has a T5 slip showing $36,000.00 amount in Box 11. Match the following:

Line 435

Answer 1

Line 420

Answer 2

Line 428

Answer 3

$300.00

$0.00

$300.00

Feedback The correct answer is: Line 435 → $300.00, Line 420 → $0.00, Line 428 → $300.00 Correct

Marks for this submission: 1.00/1.00. Question 3 Correct Mark 1.00 out of 1.00

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Question text

David has received following T4. Calculate amount on Line 420, Line 428 & Line 435. Select one: Line 420: $3,323.77, Line 428: $1,528.54 & Line 435: $4,800.86 Line 420: $3,148.72, Line 428: $1,493.49 & Line 435: $4,642.21 Line 420: $3,360.67, Line 428: $1,528.54 & Line 435: $4,800.86 Line 420: $3,186.00, Line 428: $1,514.00 & Line 435: $4,690.00 Feedback The correct answer is: Line 420: $3,148.72, Line 428: $1,493.49 & Line 435: $4,642.21 Correct

Marks for this submission: 1.00/1.00. Question 4

Correct Mark 1.00 out of 1.00

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Question text Jennie is self-employed. Her income for the year is $123,750. Calculate Line 420 net federal tax payable, Line 421 CPP Payable, Line 428 net provincial tax payable & Line 435 total tax payable. Select one: Line 420: $21,802.40, Line 421: $5,128.20, Line 428: $12,489.04 Line 435: $39,419.64 Line 420: $22,753.91, Line 421:$4,504.50, Line 428:$12,787.13 & Line 435: 40,421.27 Line 420: $23,585.15, Line 421: $4,613.40, Line 428: $13,695.20 Line 435: $41,893.75 Line 420: $24,149.85, Line 421: $4,613.40, Line 428: $13695.20 Line 435: $42,458.45 Feedback Line 135: $123,750 Line 222: (CPP Self Employed) $2,564.10 Line 236: Net Income: $121,185.90 Line 260: Taxable Income: $121,185.90

Federal Tax 21,802.40 Personal 11,635.00 CPP 2,564.10 14,199.10*15% = Total (2,129.87)

Ontario 12,489.04 10,171.00 2,564.10 12,735.10*5.05 % = (643.12)

Line 420: 21,802.40 Ontario Surtax: $2,284.30 Ontario Health Pro. Tax: $750.00 Line 421: CPP: $5,128.20 Line 428: $12,489.04 Line 435: [21,802.40 + 5,128.20 + 12,489.04] = $39,419.64

The correct answer is: Line 420: $21,802.40, Line 421: $5,128.20, Line 428: $12,489.04 Line 435: $39,419.64 Correct

Marks for this submission: 1.00/1.00. Question 5 Correct Mark 1.00 out of 1.00

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Question text Match the following for Federal Tax Rates:

Income $45,916 or less

Answer 1

Income more than $142,353 and less than $202,800 Income more than $202,800

Answer 2 Answer 3

Income more than $45,916 and less than $91,831 Income more than $91,831 and less than $142,353

Answer 4 Answer 5

15% 29% 33% 20.50% 26%

Feedback The correct answer is: Income $45,916 or less → 15%, Income more than $142,353 and less than $202,800 → 29%, Income more than $202,800 → 33%, Income more than $45,916 and less than $91,831 → 20.50%, Income more than $91,831 and less than $142,353 → 26% Correct

Marks for this submission: 1.00/1.00. Question 6 Correct Mark 1.00 out of 1.00

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Question text Morris's taxable income is $26,454.57. He has Basic personal amount and Canada employment amount as non-refundable tax credits. Calculate the following. (Use T1 General and Schedule 1) A: Tax on taxable income -Federal (Line 404) B: Basic federal tax (Line 429) C: Net federal tax payable (Line 420) D: Net provincial tax (Line 428)

E: Total tax payable (Line 435)

Line 435

Answer 1

Line 404

Answer 2

Line 428

Answer 3

Line 420

Answer 4

Line 429

Answer 5

$3168.56

$3,968.19

$1122.32

$2046.24

$2046.24

Feedback The correct answer is: Line 435 → $3168.56, Line 404 → $3,968.19, Line 428 → $1122.32, Line 420 → $2046.24, Line 429 → $2046.24 Correct

Marks for this submission: 1.00/1.00. Question 7 Correct Mark 1.00 out of 1.00

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Question text Lisa's taxable income is $63,800.00. Calculate her Ontario health premium. Select one: $600.00 $190.00 $450.00 Nil Feedback The correct answer is: $600.00 Correct

Marks for this submission: 1.00/1.00. Question 8 Correct Mark 1.00 out of 1.00

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Question text Match the following for Ontario tax:

Income > $220,000

Answer 1

Income more than $150,000 but less than $220,000 Income < $42,201

Answer 2 Answer 3

Income more than $42,201 but less than $84,404 Income more than $84,404 but less than $150,000

Answer 4 Answer 5

13.16% 12.16% 5.05% 9.15% 11.16%

Feedback The correct answer is: Income > $220,000 → 13.16%, Income more than $150,000 but less than $220,000 → 12.16%, Income < $42,201 → 5.05%, Income more than $42,201 but less than $84,404 → 9.15%, Income more than $84,404 but less than $150,000 → 11.16% Correct

Marks for this submission: 1.00/1.00. Question 9 Correct Mark 1.00 out of 1.00

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Question text In calculation of Ontario tax, which credits and premiums would be added or deducted to arrive at Ontario Tax?

Ontario Tax Reduction Ontario health premium: Ontario foreign tax credit: Dividend Tax Credits Feedback

Answer 1 Answer 2 Answer 3 Answer 4

Deducted Added Deducted Deducted

Taxable income is added by Ontario surtax and deducted by Ontario Dividend Tax Credit, Ontario Overseas Employment Tax Credit, Ontario Non-refundable tax credits. The correct answer is: Ontario Tax Reduction → Deducted, Ontario health premium: → Added, Ontario foreign tax credit: → Deducted, Dividend Tax Credits → Deducted Correct

Marks for this submission: 1.00/1.00. Question 10 Correct Mark 1.00 out of 1.00

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Question text

Daniel has a T4 slip from IBM Canada Inc. His DOB is March 24, 1991. His Ontario non-refundable tax credit on line 6150 will be $_______. Select one: $685.34 $680.26

$907.75 $775.75 Feedback The correct answer is: $685.34 Correct

Marks for this submission: 1.00/1.00. Question 11 Correct Mark 1.00 out of 1.00

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Question text

Daniel has a T4 slip from IBM Canada Inc. His DOB is March 24, 1979. His Ontario tax payable on line 428 will be $______. Select one: $5,244.61 $13,273.55

$5,297.58 $5,256.24 Feedback The correct answer is: $5,256.24 Correct

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