Mini$-$Case B: $(6\mathrm{.}5$ marks$)$

Sachin has always lived in Quebec and is ready to file his $2023$ personal income tax returns. He feels that he is heavily taxed and has stated that he pays $50\%$ of his earnings in taxes. You believe that this is an exaggeration and will help with his tax calculations below based on the information he has provided.

Information that Sachin has provided:

$-$Gross salary in $2022$$$100,000$

$-$Gross salary in $2023$$$112,900$

$-$Gross salary in $2024$$$121,200$

$-$Bonus in $2023$$$17,000$

$-$Sachin does not participate in a company pension plan

$-$Sachin always makes the maximum RRSP contribution each year on March $1^{st}$

$-$Sachin always makes the maximum TFSA contribution each year on March $1^{st}$

$-$Sachin has annual professional dues of $$900$ that he pays to the Barreau du Qu$$bec $($professional order of lawyers$)$

$-$Canadian eligible dividends of $$1,000($gross$-$up rate is $38\%)$

$-$Sold $200$ Shopify Inc. shares for $$102/$share in November $2023($bought $400$ shares in Shopify when they were at $$\frac{54}{?}$ share$)$

$-$Had a capital loss of $$2,000$ from a previous year that he hoped to apply against his capital gain

a$)$ In calculating Sachin's $2023$ personal income tax returns, what is his Total Income?

b$)$ In calculating Sachin's $2023$ personal income tax returns, what is his Taxable Income?

c$)$ Based on the Combined Federal and Quebec income tax brackets for $2023,$ what is Sachin's Total Taxes Payable? Based on Table A$,$ use the following template. $(1$ mark$)$

CombinedFederal and Quebectaxbracketsandtaxratesfor $2023$ TaxableIncome Otherincomerates

$\backslash$table$[[$first $$49,275,],[$over $$49,275$ up to $$53,359,],[$over $$53,359$ up to $$98,540,],[$over $$98,540$ up to $$106,717,],[$over $$106,717$ up to $$119,910,],[$over $$119,910$ up to $$165,430,],[$over $$165,430$ up to $$235,675,],[$over $$235,675,],[$Total taxes,$]]$

d$)$ What is Sachin's average tax rate for $2023?(\mathrm{.}25$ marks$)$

Average tax rate for $2023$

e$)$ What is Sachin's marginal tax rate for $2023?(.25$ marks$)$

Marginal tax rate for $2023$