William, age 51, is married to Julie, age 48. They have a son, Mark, age 19. William is an engineer, working in a manufacturing company in Toronto. Julie is a part-time accountant and earned income of $3,000 for tax purposes in 2020 (A) William's 2020 salary slips show the following: Gross salary $109,920 Less withholdings: Income tax Canada Pension Plan (CPP) Employment Insurance (EI) premium Net salary $15,946 2,898 856 (19,700) $90,220 (B) William also earned the following income in 2020: Dividends from a Canadian public corporation, actual amount $1,000 Taxable capital gains on selling stocks $500 (C) On January 1, 2020, William had net capital loss (incurred in 2010) balance of $1,000. He also had non- capital loss incurred in 2017) balance of $2,000. (D) Mark attended Wilfrid Laurier University for eight months during 2020 as a full-time student. He had no income. William paid Mark's tuition fees of $7,500. Required: Calculate William's minimum amount of net income for tax purposes, taxable income, and net federal tax payable for his 2020 taxation year. Show all calculations. William, age 51, is married to Julie, age 48. They have a son, Mark, age 19. William is an engineer, working in a manufacturing company in Toronto. Julie is a part-time accountant and earned income of $3,000 for tax purposes in 2020 (A) William's 2020 salary slips show the following: Gross salary $109,920 Less withholdings: Income tax Canada Pension Plan (CPP) Employment Insurance (EI) premium Net salary $15,946 2,898 856 (19,700) $90,220 (B) William also earned the following income in 2020: Dividends from a Canadian public corporation, actual amount $1,000 Taxable capital gains on selling stocks $500 (C) On January 1, 2020, William had net capital loss (incurred in 2010) balance of $1,000. He also had non- capital loss incurred in 2017) balance of $2,000. (D) Mark attended Wilfrid Laurier University for eight months during 2020 as a full-time student. He had no income. William paid Mark's tuition fees of $7,500. Required: Calculate William's minimum amount of net income for tax purposes, taxable income, and net federal tax payable for his 2020 taxation year. Show all calculations