Question: I May need some help with this question please show detailed steps please thank you. AP 4-7 (Comprehensive Tax Payable) Margarita Dalvi is a financial
I May need some help with this question please show detailed steps please thank you.


AP 4-7 (Comprehensive Tax Payable) Margarita Dalvi is a financial analyst employed by a large public company. Her 2021 salary is $143,000, none of which is commission income. Her employer does not require that she pay any travel or other expenses. In addition, she was awarded an incentive bonus of $34,500. Two- thirds of this bonus was paid during 2021, with the balance due in September 2022. Ms. Dalvi's employer withheld the following amounts from her earnings: El premiums $ 890 CPP contributions 3,166 RPP contributions 6,400 Federal income taxes 29,000 Contributions to United Way, a Canadian registered charity 4,000 Professional association dues 1,200 Ms. Dalvi is 55 years old and married to Jonathan Dalvi, who has been legally blind since an auto- mobile accident that occurred several years ago. Jonathan turned 65 years old on December 25, 2021. He has 2021 income from investments of $7,200. The couple has three children: Martha is 15 years old. She has 2021 net income from various part-time jobs of $11,000. Mary is 19 years old and has mental health problems that prevent her from working on a full-time basis. She lives with her mother and father and has 2021 income from part- time jobs of $4,800.Mark is 21 years old and attends university on a fulltime basis for 10 months of theyear. His tuition fees were $9,400 and paid lor by Ms. Dalvi. As he has no income of his own, he has agreed to transfer the maximum tuition amount to his mother. The family's 2021 medical expenses, all of which were paid by Ms. Dalvi, were as follows: Ms. Dalvi and her husband $ 0,200 Martha 1,300 Mary 11 ,300 Mark 2,500 Other Information: 1. Ms. Dalvi is provided with an automobile by her employer. The automobile is leased at a rate of $223 per month, including applicable HST. This payment also includes a payment of $50 per month for insurance coverage. During 2021, the automobile is driven 52,000 kilometres, of which 42,000 were employment related and 15,000 were for personal use. The automobile was used by Ms. Dalvi for 11 months during 2021. She was required to return the automobile to her employer's garage during the month she did not use it. 2. During 2021, Ms. Dalvi spent $14,000 on employment-related meals and entertainment with clients at local establishments. Her employer reimbursed $9,500 of these costs. 3. Throughout their marriage, 'ie Dalvis have always lived in rented premises. Seeing the current level of mortgage rates as presenting an opportunity to acquire a residence, they purchase a four-bedroom bungalow in the same neighbourhood lor $422,000 on July 1, 2021. On this date, her employer provides Ms. Dalvi with a $250,000 interestfree loan that will facilitate this acquisition. However, the balance must be paid on July 1, 2026. Assume that the prescribed rate is 1% throughout 2021. 4. During 2021, Ms. Dalvi receives several gifts from her employer: - As is the case for all of her employer's senior staff, she receives a $400 gilt certifi- cate that can be used for merchandise at a local clothing store. - In recognition of 10 years of continuous service, she receives an engraved wrist watch. The retail value of this watch is $1 ,200. - At Christmas all of the employees of her employer receive a gift basket containing gourmet food items. The retail value of 'lIl'llS basket is $300. 5. Ms. Dalvi received opons to purchase 1,200 shares of her employer's stock at a price of $3? per share two years ago. At the time 'lIl'lE options were granted, the market price of the shares was $40 per share. During .July 2021, when the shares are trading at $45 per share, Ms. Dalvi exercises all of 'lIl'lESE opons. She is still holding these shares at 'lIl'lE end of the year. Required: A. Determine Ms. Dalvi's minimum net income for 2021. B. Determine Ms. Dalvi's minimum taxable income for 2021. C. Based on your answer in Part El, determine lvls. Dalvi's federal income tax payable and amount owing lrefundi for 2021
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