taxation 1B

o. Calculate Basic Federal Tax & Non-refundable Tax credits [15 marks; approx. 25 mins) Noah's computation of taxable income for 2019 is as follows: Income from employment Net income from rental properties Public company dividend income Dividend Gross-up @ 38% Taxable capital gain RRSP contribution Child care expenses Net Income for tax purposes - Div B Less: Net capital loss carry forward Taxable income $ 84,000 2,500 3,000 1,140 4,200 (9,000) (3,500) 82,340 (4,200) $ 78,140 ADDITIONAL DETAILS: 1) Assume that Noah's taxable income was prepared correctly i) Noah Is divorced & lives with his 6-year-old son Isaah f) During the year Noah incurred the following expenses: Canadian Cancer Society Donation Caual) 60 Sick Kids Hospital Donation 140 Tuition (PT university course-3months) 1.000 Medical expenses for Noah (pemitted expenses 4,000 (w) Information reported on T4 slip from employer Canada Pension Plan 2.749 Employment Insurance 860 Tax withheld by employer 6,000 M Federal Dividend Tax Credit for Eligible Dividends 6/11 of Gross Up REQUIRED (SHOW ALL DETAILS & CALCUATIONS-round to nearest $1): Compute Noah's federal taxes payable net of non-refundable personal tax Credits and installments for 2019, o. Calculate Basic Federal Tax & Non-refundable Tax credits [15 marks; approx. 25 mins) Noah's computation of taxable income for 2019 is as follows: Income from employment Net income from rental properties Public company dividend income Dividend Gross-up @ 38% Taxable capital gain RRSP contribution Child care expenses Net Income for tax purposes - Div B Less: Net capital loss carry forward Taxable income $ 84,000 2,500 3,000 1,140 4,200 (9,000) (3,500) 82,340 (4,200) $ 78,140 ADDITIONAL DETAILS: 1) Assume that Noah's taxable income was prepared correctly i) Noah Is divorced & lives with his 6-year-old son Isaah f) During the year Noah incurred the following expenses: Canadian Cancer Society Donation Caual) 60 Sick Kids Hospital Donation 140 Tuition (PT university course-3months) 1.000 Medical expenses for Noah (pemitted expenses 4,000 (w) Information reported on T4 slip from employer Canada Pension Plan 2.749 Employment Insurance 860 Tax withheld by employer 6,000 M Federal Dividend Tax Credit for Eligible Dividends 6/11 of Gross Up REQUIRED (SHOW ALL DETAILS & CALCUATIONS-round to nearest $1): Compute Noah's federal taxes payable net of non-refundable personal tax Credits and installments for 2019