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Income Taxes Due Question #4: (4 points, maximum) Here are some preliminary details and data about Amanda. She needs your help computing and filing her
Income Taxes Due Question #4: (4 points, maximum) Here are some preliminary details and data about Amanda. She needs your help computing and filing her 2021 income taxes (due in mid-2022). She is single with no dependents. She earns a salary of $200,000 and is a resident of Ontario. Below is a list of Amanda's financial expenses/activities during the 2021 tax year, which may (or may not) be relevant to computing her taxes. 1. She made the maximum contribution to CPP and El for 2021 (and you must look up these numbers online from the relevant websites.) 2. She made an $8,500 donation to Sick Kids Toronto. 3. She contributed $6,000 to a TFSA, invested in a GIC earning 2% in 2021 4. She contributed $10,000 to an RRSP, which is invested in a balanced international equity mutual fund which earned 6% in 2021. 5. She invested $20,000 into a taxable investment account, which earned 3.5% interest from a Canadian bond ETF. 6. She had medical expenses, for which she was *not* reimbursed by her employer's insurance company totaling $4,500. 7. She paid a total of $36,000 in (personal) home mortgage payments, of which $16,000 was interest. 8. She gave $7,000 as a gift to her younger brother who is 21 years-old. Please compute the total amount due (Federal and Provincial) in taxes for the 2021 tax year (due by April 30th, 2022). You must show your work for all calculations. What is her net income? What is her taxable income? What is her average tax rate? What is her marginal tax rate
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