This major assignment is worth 10% of your final grade. This assignment requires you to determine the amount of Federal income tax payable or refundable (ignore Provincial income taxes) for Mr. D. Diesel. See full details of what you are required to complete for this assignment under Required. You may complete this assignment using either the ProFile Tax Preparation Software included with MyLab, any other tax software program, or manually. You may complete the assignment in groups of up to four (4) students or individually. If you choose to complete this assignment as a group, you are responsible for selecting the group members and ensuring all group member names and student numbers are included in your submission. Facts: Mr. D. Diesel formally separated from his wife on January 1, 2022. Custody of his three children, Mandy aged 6, Eric aged 8 and Simone aged 19, was given to him as part of a formal agreement worked out with his wife in family court. To make a fresh start, effective March 31, 2022, he resigned his position in Ottawa, which he had started working at in 2012, and moved to Toronto to commence employment with a new employer. Mr. Diesel has come to you for help with calculating his federal income tax return. His gross salary in Ottawa in 2022 was $30,000. His employer made the following deductions: Canada Pension Plan (CPP) - $1,511, Employment Insurance (EI) - $474, Income Tax -$6,000 and charitable donations - $500. In addition, in 2022 Mr. Diesel contributed $1,500 into his Ottawa employers registered pension plan. In Toronto his gross salary at his new employer in 2022 was $75,000. His new employer also paid his group life insurance premiums totalling $550 in 2022. During the year, his new employer deducted Canada Pension Plan (CPP) contributions totalling $3,500 and Employment Insurance (EI) premiums totalling $953 and withheld Income Tax of $16,200. In addition, in 2022 Mr. Diesel contributed $5,100 into his new employers registered pension plan which amount was matched by his new employer. His new employer reimbursed Mr. Diesel the $15,000 Mr. Diesel paid in moving expenses. Under the terms of the separation agreement his ex-wife must pay him $2,500 per month in child support for the three children and $1,000 per month in spousal support. All payments were made in accordance with the separation agreement. Mr. Diesel earned $7,200 in interest from Guaranteed Investment Certificates. He also received non-eligible dividends of $3,200 and eligible dividends of $905.80. Mr. Diesels also had a Tax-Free Savings Account which earned him $3,200 in interest in 2022. To buy the shares of the public corporation he borrowed $10,000 on his line of credit from the bank and in 2022 he paid $350 in interest on that loan. Mr. Diesel also had an outstanding loan from shares he purchased in a non-eligible Canadian Controlled Private Corporation which went bankrupt and which shares were determined to be worthless in 2019. In 2022, Mr. Diesel paid $1,500 in interest on this loan. Mr. Diesel also sold some shares of XYZ Corporation which he purchased for $150,000 in 2016 and sold for $212,000 in 2022. The following is additional information regarding Mr. Diesel: In December 2022, Mr. Diesel withdrew a lump-sum payment of $12,000 out of his Registered Pension Plan (RPP) from his former (Ottawa) employer which he transferred directly into a Registered Retirement Savings Plan (RRSP) Mr. Diesel made the following payments in 2022: a. His unused deduction room at the end of 2021 was $18,000. In 2022 he made RRSP contributions of $55,000. His earned income in 2021 was $90,000 and his pension adjustment for 2021 was $5,000. b. Legal fees of $6,500 related to representations in family court regarding his separation, and $1,250 appealing a tax assessment which he lost. c. Charitable donations of $1,500 to the Red Cross, a registered charity. d. Contributed $850 to the Conservative Party of Canada, a registered federal political party. Mr. Diesel has a net capital loss carry over of $21,466 from 2006 which he has not used. During the year the family incurred the following medical expenses: Mr. Diesel - $4,500 Mandy - $800 Eric - $800 Simone - $2,000 Mr. Diesels oldest child, Simone, attends Queens University in Canada and in January paid $14,000 in tuition fees for eight (8) months of full-time attendance in 2022. Simone earned gross employment income of $2,500 during the summer. No deductions were taken from Simones pay. Simone has agreed to transfer any unused tuition tax credits to Mr. Diesel. Mr. Diesels other children do not have any income. Required: Calculate Mr. Diesels: a) Subdivision a, b, c, d, and e amounts separately (i.e., Income or Loss from an Office or Employment; Income or Loss from a Property; Taxable Capital Gains and Allowable Capital Losses; Other Sources of Income; and, Deductions in Computing Income, respectively). b) Net Income for Tax Purposes (Division B) c) Taxable Income (Division C) d) Net Federal Tax Payable after calculation of tax credits. (Division E) e) Amount of any tax owing/refund