Question
The following correct information for Jack has been provided to you: Employment income earned $58,700 Employment Insurance premiums withheld 856 Canada Pension Plan premiums withheld
The following correct information for Jack has been provided to you:
Employment income earned $58,700
Employment Insurance premiums withheld 856
Canada Pension Plan premiums withheld 2,898
Income Tax withheld 9,800
Net Rental Income 1,030
Eligible dividends received 2,000
Capital gain 2,400
Allowable Registered Retirement Savings Plan deduction 4,000
Allowable Childcare expense deduction 2,500
Allowable net capital loss carried forward from last year 2,200
Jack is 37 years old, divorced, and lives with his 7-year-old healthy son. In 2020 Jack donated $100 to a Federal Political Party and $70 to a registered charity. Jack is alsotaking a university course in 2020 that cost $175. During 2020 Jack paid $1,755 in dentist bills for his son.
Required Calculations (show all calculations round to the nearest dollar):
Division B (Net Income)
Division C (Taxable Income)
Net Federal Taxes before Tax Credits
Applicable Tax Credits
Net Federal Tax Payable (Refund)
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