Management and Organizational Studies 3362A/B Lecture Notes - Lecture 4: Unemployment Benefits, Federal Accountability Act

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3362A/B
• Professor: Ann Bigelow

Document Summary

Chapter 4 taxable income and tax payable for individuals. Income from sources such as worker"s compensation and social assistence must be included in net income for tax purposes but then are deducted from. Taxable income: this ensures that recipients don"t pay tax on these amounts, by including them in niftp, they are factored into the calculations for various tax credits that are income dependent. If your income is ,000, then your taxable income in excess of is ,489. It is important to pay attention to the federal budget every year to see what tax changes are made: this is the primary way for changes to tax policy to be announced. Personal credit plus spousal credit: for individuals with a spouse or common-law partner, they can claim two tax credits, for the individual; and, for his or her spouse or common-law partner. If you have a spouse for who you are not claiming a spousal credit, use.