Solution-Which of the statements is false about the impact

Which of the statements is false about the impact the cpp

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Problem 1: During the year Patricia had full-time employment income from employer A of $65,000 and from employer B of $60,000. Both employer A and employer B each deducted $2,898 from her salary for CPP. Which of the following statements is FALSE about the impact the CPP contributions for her employment income will have on her personal tax return?

Option 1: Patricia is entitled to receive a personal credit for the CPP contributions made

Option 2: Patricia will receive a personal credit of 15% times the maximum CPP contribution for the year of $2,898

Option 3: Patricia will receive a personal credit of 15% times the combined CPP contribution for the year of $5,796

Option 4: The excess beyond $2,898 will be refunded to her since it will be an overcontribution

Reference no: EM132787660

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Which of the statements is false about the impact the cpp

Reference no: EM132787660

Reference no: EM132787660

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