During 2020, Kevin Fung has Net Income For Tax Purposes of $56,500, a figure that includes $3,900 of foreign non-business income. The foreign jurisdiction withheld 13 percent of this amount, resulting in a net receipt of $3,393. In calculating Taxable Income, he deducts a $5,000 non-capital loss carry forward and a $3,200 net capital loss carry forward, resulting in a figure of $48,300. His only tax credits are the basic personal credit and the credit for foreign tax paid. What is the amount of his foreign non-business income tax credit for 2020? A calculation of federal Tax Payable is NOT required.

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The Answer of During 2020, Kevin Fung has Net Income For Tax Purposes of $56,500, a figure that includes $3,900 of foreign non-business income. The foreign jurisdiction withheld 13 percent of this amount, resulting in a net receipt of $3,393. In calculating Taxable Income, he deducts a $5,000 non-capital loss carry forward and a $3,200 net capital loss carry forward, resulting in a figure of $48,300. His only tax credits are the basic personal credit and the credit for foreign tax paid. What is the amount of his foreign non-business income tax credit for 2020? A calculation of federal Tax Payable is NOT required.

During 2020, Kevin Fung Has Net Income for Tax Purposes