James Mackenzie has correctly determined his net Income for tax purposes in 2020 to be $128,558, calculated as follows:

+3(a) Net employment income $108,792

+3(a) Net property income :( interest of $5,737 + ineligible dividends $5,000 x 1.15= 5,750) $11,487

+3(b) Taxable capital gain $8,279

= Net income for tax purposes: $128,558

Additional Information:

Mr. Mackenzie (45) is married to Susan Mackenzie (46) and has two children: Tommy (age 7) and Sarah (age 12).

1. James made the following payments in 2020:

Federal New Democrats Party (political party)	$ 750
Dentist for himself and Tommy	3,670
Chiropractor for Susan	950
Alberta Cancer Society (registered charity)	500

2. Mr. Mackenzies spouse, Susan, earned net interest income of $3,809 in 2020.
3. Mr. Mackenzies spouse, Susan, attended MacEwan University on a full-time basis for 8 months during 2020. Susan paid tuition fees of $4,750.
4. James paid $2,500 for C.P.P., $800 for E.I. and $9,500 for income taxes.
5. Net capital loss carried from 2005 was $16,000 and non-capital loss from 1992 amount of $22,000.

Required:

• Calculate James Mackenzies 2020 minimum net federal taxes payable. Show all calculations. ITA references required. (Hint: you need to calculate Taxable income first)