Calculate the net federal tax payable to the nearest dollar
Calculate the net federal tax payable to the nearest dollar, given… Calculate the net federal taxpayable to the nearest dollar,given the followinginformation:Federal tax rates for 2018 (from CRA’s website www.canda.ca)? 15% on the first $46,605 of taxable income, +? 20.5% on the next $46,603 of taxable income (on the portion of taxable income over 46,605 upto $93,208), +? 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 upto $144,489), +? 29% on the next $61,353 of taxable income (on the portion of taxable income over 144,489 upto $205,842), +? 33% of taxable income over $205,842.Total Income ________________(-) Tax Deductions ________________Net Income ________________+/- other capital gains/losses- ½ capital gains ________________Taxable Income ________________Basic Federal tax payable ________________(-) Tax Credits ________________Net Federal Tax Payable ________________What is the Average Federal Tax Rate in this case? ___________%Employment Income $125 000Interest earned on investments $12 000Capital gains income on sale of shares $20 000Capital gains income on sale of principal residence $50 000Inheritance from Uncle Cliff $25 000RRSP Contributions made throughout the year $15 000Basic Personal Amount 11809 x 15% $1 771Tuition 5000 x 15% $750Child Care Expense $12 000Business Finance FINANCE 100
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