Robert is 66 and so qualifies for the age amount.His taxable income for 2017 was $65000 .The threshold income for the age amount is $36 430 and the maximum age amount is $7225.What age amount will he qualify for?
A)$4285
B)$2940
C)$7225
D)Zero

Question

Quizplus · Accepted Answer

To calculate the amount of age credit that Robert is eligible for, we first need to determine how much his income exceeds the threshold.

$65,000 - $36,430 = $28,570

This means that Robert's income exceeds the threshold by $28,570.

Next, we need to calculate what percentage of the maximum age amount this represents:

$28,570 ÷ $2,000 = 14.285

Since the maximum age amount is $7,225, we can now calculate the amount of age credit that Robert is eligible for:

$7,225 × 0.14285 = $1,031.64 (rounded to the nearest dollar)

Therefore, Robert is eligible for an age amount of $1,031, which is closest to answer choice B ($2,940).

Robert Is 66 and So Qualifies for the Age Amount