You are given the following information for an individual's income for the year 2022:

• Gross income: $85,000
• Deductible expenses: $12,000
• Tax credit for children: $2,500 (two children under the age of 18)
• Tax credit for charitable donations: $1,000
• Marginal tax rate: 32%
• Provincial tax rate: 15%

Calculate the individual's federal and provincial tax payable for the year 2022. Show all calculations.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Step 1 Calculate taxable income Taxable income Gross income Deductible expenses Taxable i... View the full answer