NEED IT DONE ASAP PLEASE

USE THE FOLLOWING INFORMATION TO ANSWER QUESTIONS 13 AND 14.

Linda James (40 years old) is an employee of a Canadian controlled private corporation (CCPC). She is married to Steven (45 years old), who is a stay-at-home Dad. They have a 5 year old daughter who is severely disabled, and has been certified by her Doctor for the disability tax credit. Lindas mother also lives with them. She is 75, healthy, and has net income of $16,000.

Notes: 1. Linda received gross salary of $85,000. From this amount, CCPC deducted income taxes of $17,000, CPP contributions of $3,166.45, EI premiums of $889.54, registered pension plan contributions of $6,000, and union dues of $550. 2. In addition to her salary, the CCPC paid the following on Lindas behalf:

Registered pension plan $6,500

Group private medical and dental insurance $625

Group disability insurance premium$300

3. Linda had the use of a car which CCPC purchased for $35,000 and a net book value of $21,000 for the entire year. She drove a total of 25,000 km, of which 19,000 were for employment purposes. The company paid all of the operating expenses of $4,500. 4. Linda participates in CCPCs stock option plan. In May of 2004, she received options to purchase up to 2,500 shares at $10 per share. CCPCs shares were valued at $9 at this date. She exercised the options on June 17, 2017. At this time, the shares were valued at $15 per share. On September 27, 2022 she sold 1,000 of these shares for $20 per share and paid brokers fees of $500. 5. Linda recently received a small inheritance from her great Aunt. She has decided to catch up on her retirement savings and on December 1, 2022, purchased $13,000 in RRSPs for herself and $4,000 in RRSPs for her husband. Her 2021 Notice of Assessment indicates that her earned income was $75,000, her pension adjustment is $8,000 and that she has $15,000 in unused contribution room. 6. Other receipts and (disbursements) during the year:

Prescription medicine for mother ($2,500)

Sale of ring [cost $800] $1,300

Donation to registered charity ($4,000)

7. A review of Lindas 2021 T1 revealed the following information:

Net-capital losses carryforward from 2012 of $27,000.

END OF DESCRIPTION

For the 2022 taxation year, calculate the following for Linda: (A) NET INCOME, which includes her net employment income, net taxable capital gains, and other deductions. (19 marks) (B) Use the net income from part (a) above to calculate her TAXABLE INCOME. HINT: Deduct net capital losses and apply a stock option deduction. (3 marks)

(A) Use the taxable income from the previous question to calculate Linda's 2022 federal income tax payable. HINT: Calculate gross federal tax and deduct the appropriate tax credits. (13 marks)

(B) What is the amount of Linda's tax refund or tax owing? (1 mark)