a)   What amount should Frank report as taxable income? Show all workings. (10 marks)

b)   Calculate the tax payable by Frank, make note of eligible credits or use the taxtips website mentioned above. (10 marks)

c)   Calculate and explain Frank's marginal tax rate on interest, capital gains and dividends. Show all workings. (10 marks) 

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Frank Gardener, single and aged 53, lives in Ontario and provided you with the following tax information for 2020: Frank Gardener Ontario, Canada Year 2020 T4 Employment income- line 10100 Income tax deducted -line 43700 14 87780.00 22 18931.90 Employee's CPP Province of contributions - lines Employment 30800 and 22215 El insurable earnings 10 ON 16 2898.00 24 54200.00 26 Employee's El premiums-line 31200 18 856.36 44 CPP pensionable earnings 58700.00 Union dues - line 21200 1800.00 Frank Gardener, single and aged 53, lives in Ontario and provided you with the following tax information for 2020: Frank Gardener Ontario, Canada Year 2020 T4 Employment income- line 10100 Income tax deducted -line 43700 14 87780.00 22 18931.90 Employee's CPP Province of contributions - lines Employment 30800 and 22215 El insurable earnings 10 ON 16 2898.00 24 54200.00 26 Employee's El premiums-line 31200 18 856.36 44 CPP pensionable earnings 58700.00 Union dues - line 21200 1800.00