Reference no: EM132727566

Problem 1: Jimmy donated $100,000 in cash to a Canadian registered charity. His Net Income For Tax Purposes and Taxable Income for the year is $120,000. Calculate Jimmy's maximum federal tax credit for charitable gifts.

A) $13,500
B) $15,000.
C) $26,072.
D) $28,972.

Problem 2: Jimmy is single with no dependants. During the year he had the following amounts deducted from his salary: CPP $2,898 EI 856 Federal Income Tax 15,000 Based on this information, Jimmy's total federal tax credits for 2020 will be:

A) $563.
B) $2,547.
C) $2,734.
D) $2,813.