1. Based on the following information calculate Fred's taxable income for his 2020 income tax return. Will Fred owe more taxes, or will he receive a refund? How much? (6 marks) Use the following selected 2020 tax numbers when calculating the 2020 tax liability: Employment Income for Fred $77,000 Income tax deducted for Fred (T4 Slips) $13,000 Fred made an RRSP contribution. $4,000 Fred also had capital gains of $4,000 Fred contributed into his son's RESP $3,000 (Non-refundable tax credits have been calculated for you) *Total non-refundable tax credits for Fred is $3,300 (Reduce Taxes Payable) Use the tables below to calculate taxes owing. These are combined Federal and Provincial tax rates. Taxable income The tax is: 0 to $44,740 20.05% $44,741 to $48,535 24.15% $48,536 to $78,783 29.65%