Chapter3: Income Sources
Section: Chapter Questions
Problem 39P
Related questions
Question
Transcribed Image Text:Malcolm knows about the Old Age Security (OAS) pension clawback but is unsure how to calculate if for
him and his wife. In 2020, the OAS pension is clawbacked or reduced by 15% above $79,054. Malcolm
and his wife are both receiving monthly pensions of $613.54. His net income is $130,000 while his wife's
net income is $85,000. What is the total amount they have to repay in 2020?
Minimum Income Recovery Threshold
Maximum Income Recovery Threshold
$79,054
$8,254
$14,725
$892
$13,833
$7,362
$128,137
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
