Taxable income And Tak Payable for individuals Vi 55 years old and marved to Jonathan Dahi, who has been legyinden 2UR has 2020 income from investments of $2,200. The couple have three children mobile acident that occurred several years ago Jonated 5 years old on December 25, Martha is 15 years old. She has 2020 income from various part times of $11.000. Marys 19 years old and has mental health problems that prevent her from working on ultime basis. She lives with her mother and father and has 2020 income from part Markis 21 years old and attends university on a full time basis for 10 months of the year suition foes were $9,400 and paid for by Ms. Davi. As he has no income of his own heas agreed to transfer the momum tuition amount to his mother emily's 2020 medical expenses, all of which were paid by Ms. Davi, were as follows: Assignment Pro ime jobs of $ Ms. Dalvi And Her Husband Other Information: Martha Mary $ 6.200 Mark 1,800 11,300 2.500 Ms. Davis provided with an automobile by her employer. The automobile is lowed at a tisse 5728 per month, including applicable HST. This payment also includes a payment of $50 per month for insurance coverage. During 2020, the automobile is driven 52000 kilometros, 11 months during 2020. She was required to return the automobile to her employer's garage during the month that she did not use it. 2. During 2020. Ms. Dalvi spent $14,800 on employment-related meals and entertainment with clients at local establishments. Her employer reimbursed $9.500 of these costs Throughout their marriage, the Dali's have always lived in rented premises. Seeing the current level of mortgage rates as presenting an opportunity to acquire a residence, they purchase a four-bedroom bungalow in the same neighbourhood for $422,000 on July 1 2020. On this date, her employer provides Ms. Dalvi with a $250.000 loan that will facilitate this acquisition. The loan does not require any payment of interest. However, the balance must be paid on July 1, 2025. Assume that the prescribed rate is 1 percent throughout 2020 4 Duting 2020. Ms. Dalvi receives several gifts from her employer As is the case for all of her employer's senior staff she receives a $400 gift certifi cate that can be used for merchandise at a local clothing store . In recognition of 10 years of continuous service, she receives an engraved wrist watch. The retail value of this watch is $1,200 At Christmas all of the employees of her employer receive a git basket containing gourmet food items. The retail value of this basket is $300 5. Ms. Davi received options to purchase 1.200 shares of her employer's stock at a price of $37 per share two years ago. At the time the options were granted the market price of the shares was $40 per share. During July 2020, when the shares are trading at $45 per share, Ms. Dalvi exercises all of these options. She is still holding these shares at the end of the year Required: A Determine Ms. Dalvi's minimum Net Income For Tax Purposes for the 2020 taxation year. 8 Determine Ms. Dalvi's minimum Taxable income for the 2020 taxation year, C. Based on your answer in Part 8, determine Ms. Dalvis federal Tax Payable and amount owing refund) for the 2020 taxation year. Taxable income And Tak Payable for individuals Vi 55 years old and marved to Jonathan Dahi, who has been legyinden 2UR has 2020 income from investments of $2,200. The couple have three children mobile acident that occurred several years ago Jonated 5 years old on December 25, Martha is 15 years old. She has 2020 income from various part times of $11.000. Marys 19 years old and has mental health problems that prevent her from working on ultime basis. She lives with her mother and father and has 2020 income from part Markis 21 years old and attends university on a full time basis for 10 months of the year suition foes were $9,400 and paid for by Ms. Davi. As he has no income of his own heas agreed to transfer the momum tuition amount to his mother emily's 2020 medical expenses, all of which were paid by Ms. Davi, were as follows: Assignment Pro ime jobs of $ Ms. Dalvi And Her Husband Other Information: Martha Mary $ 6.200 Mark 1,800 11,300 2.500 Ms. Davis provided with an automobile by her employer. The automobile is lowed at a tisse 5728 per month, including applicable HST. This payment also includes a payment of $50 per month for insurance coverage. During 2020, the automobile is driven 52000 kilometros, 11 months during 2020. She was required to return the automobile to her employer's garage during the month that she did not use it. 2. During 2020. Ms. Dalvi spent $14,800 on employment-related meals and entertainment with clients at local establishments. Her employer reimbursed $9.500 of these costs Throughout their marriage, the Dali's have always lived in rented premises. Seeing the current level of mortgage rates as presenting an opportunity to acquire a residence, they purchase a four-bedroom bungalow in the same neighbourhood for $422,000 on July 1 2020. On this date, her employer provides Ms. Dalvi with a $250.000 loan that will facilitate this acquisition. The loan does not require any payment of interest. However, the balance must be paid on July 1, 2025. Assume that the prescribed rate is 1 percent throughout 2020 4 Duting 2020. Ms. Dalvi receives several gifts from her employer As is the case for all of her employer's senior staff she receives a $400 gift certifi cate that can be used for merchandise at a local clothing store . In recognition of 10 years of continuous service, she receives an engraved wrist watch. The retail value of this watch is $1,200 At Christmas all of the employees of her employer receive a git basket containing gourmet food items. The retail value of this basket is $300 5. Ms. Davi received options to purchase 1.200 shares of her employer's stock at a price of $37 per share two years ago. At the time the options were granted the market price of the shares was $40 per share. During July 2020, when the shares are trading at $45 per share, Ms. Dalvi exercises all of these options. She is still holding these shares at the end of the year Required: A Determine Ms. Dalvi's minimum Net Income For Tax Purposes for the 2020 taxation year. 8 Determine Ms. Dalvi's minimum Taxable income for the 2020 taxation year, C. Based on your answer in Part 8, determine Ms. Dalvis federal Tax Payable and amount owing refund) for the 2020 taxation year