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Question 2: Federal Tax Payable Vicky Day is 64 years old. Her net income for the year 2017 is $170,000. This income consists of $168,824
Question 2: Federal Tax Payable Vicky Day is 64 years old. Her net income for the year 2017 is $170,000. This income consists of $168,824 from employment, $825 grossed up eligible dividends ($600 received), and $351 grossed up ineligible dividends ($300 received). Her taxable income for the year is $146,831. Her employer deducted $17,500 federal income tax, and maximum amounts of CPP and EI from her salary. Vicky is married to John (age 68). John is disabled and his net income for 2017 is $3,000. All of John's income is from RPP. Vicky and John has two children Mary (age 19) and David (age 15). David has mental infirmity, however, he does not qualify for disability credit. Mary goes to university. Vicky and John paid $6,000 towards Mary's tuition fees and S600 for her textbooks during 2017. Mary will transfer all of her unused credits to Vicky. Mary's net income for year is $4,000. Vicky's 87 year old mother lives with them. Her net income during the year was $15,000 Vicky spend the following on medical expenses: Vicky, John, and David: $7,000. Mary: $3,000 Vicky and John donated $900 to charities during the year (Vicky's donation was $600 and John's donation was $300). Vicky also contributed $300 to federal political party. Required: Calculate Vicky's Federal tax payable (refund) for 2017
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