Taxation

stion 5 14 points Save Anne Clark is a successful executive and had Net Income for Tax Purposes and Taxable income of $96,000 in 2021. All of this was employment income and his employer withheld the maximum amounts of CPP and El contributions from his pay. Clark is married to Alison. Alison has net income of $6,750. Their 20 year old son Kenneth attends university on a full time basis during 11 months of the year. Clark pays all of his son's costs including $9,850 for tuition and $1,350 for textbooks. Through part time jobs, Kenneth has net income of $4,620. Kenneth has agreed to transfer the maximum tuition amount to his father. Required: Calculate Federal Tax Payable for Clark for 2021 in the table below. Round your answers to the nearest dollar where necessary. $16,984 Total Gross Federal Tax Payable Name of Tax Credit: Base Amount: Total Credit Base: Federal Tax Credit Rate: x15% Federal Tax Payable: stion 5 14 points Save Anne Clark is a successful executive and had Net Income for Tax Purposes and Taxable income of $96,000 in 2021. All of this was employment income and his employer withheld the maximum amounts of CPP and El contributions from his pay. Clark is married to Alison. Alison has net income of $6,750. Their 20 year old son Kenneth attends university on a full time basis during 11 months of the year. Clark pays all of his son's costs including $9,850 for tuition and $1,350 for textbooks. Through part time jobs, Kenneth has net income of $4,620. Kenneth has agreed to transfer the maximum tuition amount to his father. Required: Calculate Federal Tax Payable for Clark for 2021 in the table below. Round your answers to the nearest dollar where necessary. $16,984 Total Gross Federal Tax Payable Name of Tax Credit: Base Amount: Total Credit Base: Federal Tax Credit Rate: x15% Federal Tax Payable