income Tax Calculation for the financial year 2022
Particulars	Tax Rates	Taxable Income	Tax
Sample Income	$250,000
Federal Tax	@15% for income $14,398 - $50,197	($50,197 -14,398) X 15%	$5,369.85
	@20.5% for income $50,197 - $100,392	($100,392 - $50,197) X 20.5%	$10,289.98
	@26% for income $100,392 - $155,625	($155,625 - $100,392) X 26%	$14,360.58
	@29% for income $155,625 - $221,708	($221,708 - $155,625) X 29%	$19,164.07
	@33% for income $221,708 or more	($250,000 - $221,708) X 33%	$9,336.36
			$58,520.84
Provincial Tax (Alberta)	@10% for income $0 - $131,220	$131,220 X 10%	$13,122.00
	@12% for income $131,220 $157,464	($157,464 - $131,220) X 12%	$3,149.28
	@13% for income $157,464 $209,952	($209,952 - $157,464) X 13%	$6,823.44
	@14% for income $209,952 $314,928	($250,000 - $209,952) X 14%	$5,606.72
	@15% for income $314,928 or more
			$28,701.44
Total Income Tax			$87,222.28
Basic Personal Benefit for 2022	@0% for income $0 - $14,39

Using the above example calculate the question below:

Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation Slide in Week 2.

Net Employment Income	$126,162.00
Allowable Capital Losses	-$2,828.50
Net Business Profit	$68,047.50
Capital Gains	$9,260.00
Contribution to RRSP	-$5,927.00
Loss in Rental Income	-$8,819.00