INFO 16029 Lecture Notes - Lecture 11: Tax Rate, Tax Deduction, Tax Bracket

• School: Sheridan College
• Department: Faculty of Applied Science & Technology
• Course: INFO 16029
• Professor: Boom

Document Summary

If you pay into a pension plan you can deduct that too. There used to be a fitness credit but that"s you look into moving to niagara let"s say you are past the distance. If you move for your job after you graduate keep those receipts. So your taxable income is all your income minus all your deductions. Deductions reduce your income while tax credits reduce your tax. [writing example on board] owe 2300$ in taxes. I have so many credits that i have 2400 dollars in tax credits. Here is where refundable and non refundable comes in. I should get 100$ if it is refundable. Depending on the type of credit that will tell us what we will do next. If it is a standard tax credit, so much for that. I have to use it in the year i incur it or. Let me show this on the board i"m going to go to.