Ralph has total income of $53 000.He has business expenses of $18000,made a $5000 RRSP contribution and incurred $4000 in tuition expenses for his daughter,who did not work and is a freshman at a local community college.Personal basic exemptions of $11 138 and a marginal tax rate of 26 percent apply.Compute Ralph's taxable income for the current year.
A)$18 862
B)$26 000
C)$30 000
D)$14 862

Question

Quizplus · Accepted Answer

The Answer of Ralph has total income of $53 000.He has business expenses of $18000,made a $5000 RRSP contribution and incurred $4000 in tuition expenses for his daughter,who did not work and is a freshman at a local community college.Personal basic exemptions of $11 138 and a marginal tax rate of 26 percent apply.Compute Ralph's taxable income for the current year.
A)$18 862
B)$26 000
C)$30 000
D)$14 862

Ralph Has Total Income of $53 000