l and Elizabeth graduated from Concordia in December 2022 and moved in together las nas. They are looking to save for a house and are reviewing their finances. Part of theil is to calculate their taxable incomes for 2023 to better understand which marginal tax they are in. Determine Michael and Elizabeths marginal tax rate for 2023 based on the ing: (5 marks) Michael: h) Graduated from the John Molson School of Business: i) Signed his first full-time contract and started working on March 1, 2023, with a gross annual salary of $80,000 (pays monthly). j) Made a $6,000 contribution to his Tax-Free Savings Account (IFSA) in January 2023: k) Made a lump-sum Registered Retirement Savings Plan (RRSP) contribution of $2,500 March 2023 (he has previous years RRSP contribution room of $7.000 ). I) Annual union dues of $45 per month as he is part of a labour union; m ) Sold 100 shares in the Royal Bank of Canada (RBC) for $108/ share in May 2023He bought 400 shares in RBC when they were at $91 /share: n) Has a previous years net capital loss of $200. Elizabeth: o) Graduated from Gina Cody School of Engineering. p) Started her first lob in engineering on January 1.2023. in a medium-sized engineering firm earning a gross annual salary of $90,000 (paid bi-weekly). q) Will be receiving her bonus on December 1,2023 for $20,000. r) Made a \$5,500 contribution to her Tax-Free Savings Account (IFSA) in May 2023 s) As of March 2023, she is part of her company's group Registered Retirement Savings Plan (RRSP) for which she is making contributions of $500 per month plus getting a match from her employer (she has previous years RRSP contribution room of $10,000); t) Paid her 2023 annual professional dues to the Order of Quebec Engineers of $600