Given the formula below calculate the Medical Expense Tax Credit and listed variables, answer the following questions Medical Expense Tax Credit (METC) = ((Eligible Medical Expenses - the lesser of (METC threshold & 3% of Net Income)) * conversion rate for federal non-refundable tax credits] Net Income = $100,000 Eligible Medical Expenses = $4,000 Conversion rate for Province 10% Conversion rate for Federal is 15% The minimum threshold is $2,268 i. The premiums paid by an individual for private health insurance for coverage for themselves or any member of their household to whom they are related by blood, marriage or adoption, can be claimed as eligible medical expenses for the medical expense tax credit (METC). True or False Blank 1 ii. The premiums paid through an employer to a group plan that were deducted from the employee's pay are not included as are eligible expenses paid. True or False Blank 2 iii. If medical treatment is not available locally, the cost of travelling to get the treatment somewhere else may be claimed, provided the travel was more than Blank 3 kilometres. iv. If travel was more than Blank 4 kilometres, reasonable costs for meals and accommodation can be claimed