Calculate Basic Federal Tax & Non-refundable Tax credits [15 marks; approx. 25 mins] Noah's computation of taxable income for 2019 is as follows: Income from employment Net income from rental properties Public company dividend income Dividend Gross-up @ 38% Taxable capital gain RRSP contribution Child care expenses Net income for tax purposes - Div B Less: Net capital loss carry forward Taxable income $ 79,000 4,500 2,000 760 6,200 (8,000) (3,000) 81,460 (6,200) $ 75,260 ADDITIONAL DETAILS: (i) Assume that Noah's taxable income was prepared correctly (ii) Noah is divorced & lives with his 6-year-old son - Isaah (iii) During the year Noah incurred the following expenses: Canadian Cancer Society Donation (annual) 80 Sick Kids Hospital Donation 120 Tuition (PT university course-3months) 2,000 Medical expenses for Noah (permitted expenses) 4,500 (iv) Information reported on T4 slip from employer: Canada Pension Plan 2,749 Employment Insurance 860 Tax withheld by employer 5,000 (v) Federal Dividend Tax Credit for Eligible Dividends 6 / 11 of Gross Up REQUIRED (SHOW ALL DETAILS & CALCUATIONS - round to nearest $1): Compute Noah's federal taxes payable net of non-refundable personal tax credits and installments for 2019. Calculate Basic Federal Tax & Non-refundable Tax credits [15 marks; approx. 25 mins] Noah's computation of taxable income for 2019 is as follows: Income from employment Net income from rental properties Public company dividend income Dividend Gross-up @ 38% Taxable capital gain RRSP contribution Child care expenses Net income for tax purposes - Div B Less: Net capital loss carry forward Taxable income $ 79,000 4,500 2,000 760 6,200 (8,000) (3,000) 81,460 (6,200) $ 75,260 ADDITIONAL DETAILS: (i) Assume that Noah's taxable income was prepared correctly (ii) Noah is divorced & lives with his 6-year-old son - Isaah (iii) During the year Noah incurred the following expenses: Canadian Cancer Society Donation (annual) 80 Sick Kids Hospital Donation 120 Tuition (PT university course-3months) 2,000 Medical expenses for Noah (permitted expenses) 4,500 (iv) Information reported on T4 slip from employer: Canada Pension Plan 2,749 Employment Insurance 860 Tax withheld by employer 5,000 (v) Federal Dividend Tax Credit for Eligible Dividends 6 / 11 of Gross Up REQUIRED (SHOW ALL DETAILS & CALCUATIONS - round to nearest $1): Compute Noah's federal taxes payable net of non-refundable personal tax credits and installments for 2019
