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Irene has come to you for help in calculating her Total Federal Tax for 2022. Irene is a single mother to a 10 -year old
Irene has come to you for help in calculating her Total Federal Tax for 2022. Irene is a single mother to a 10 -year old boy. She pays her ex-husband $800 per month spousal support and $2,200 per month child support. Irene is an accountant who earns $137,600 per year. She also has a side business making jewellery. Her net business income was $11,434 in 2022 . Irene is quite interested in investing and had the following transactions in 2022 : - Received $1,300 in non-eligible dividends - Sold shares in Company A for $5,400(ACB is $8,850) - Sold shares in XVZ Corporation for $3,750, which she purchased 3 years ago for $1,745 - Contributed 512,500 to her RRSP A few years ago, Irene invested in small business corporation shares costing $7,200, which she sold this year for $4,750. The required CPP contributions were deducted by Irene's employer. Her employer also deducted EI contributions of $953 In addition, Irene made 5900 in charitable donations during 2021. BONUS: What is Irene's average tax rate and marginal tax rate? Submission format (recommend using Excel) 3(a) Employment Income Business income Property Income Other Income = Income from All Sources 3(b) + Taxable Capital Gains 3(c) - Other Deductions 3(d) - Loss for Employ, Bus, Prop, ABIL = Division B Net Income - Division C Deductions = Taxable income Federal Tax on Taxable Income: (calculate here) = Federal Non-refundable Tax Credits - Federal Refundable Tax Credits
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