Robert is 66 and so qualifies for the age amount. His taxable income for 2010 was $65 000. The threshold income for the age amount is $32 506 and the maximum age amount is $6446. He loses fifteen percent of the age amount for every dollar income over the threshold. What age amount will he qualify for?
A)$2446
B)$1572
C)$3224
D)zero

Question

Quizplus · Accepted Answer

The age amount is reduced by 15% for every dollar of income over the threshold. Robert's income is $32,494 over the threshold, so his age amount will be reduced by 15% * $32,494 = $4,874. This leaves him with an age amount of $6,446 - $4,874 = $1,572.

Robert Is 66 and So Qualifies for the Age Amount