Carolyn, age 50, earns a salary of $88,000 as an employee at George Brown College....
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Carolyn, age 50, earns a salary of $88,000 as an employee at George Brown College. She has contributed the maximum amount of CPP ( $3, 167) and EI premiums ($889) for the 2021 taxation year. Carolyn is married to Jim who is currently taking a Masters degree on a full time basis. As such he is a student, and has taxable income of $3,800 from his non-registered investment portfolio. His tuition for Masters is $15,000 per year and he is willing to transfer the maximum amount of tuition to Carolyn. The family has total medical expenses of $ 4,289 and they contributed $ 3,330 to charities in total. . Carolyn also takes classes on a part time basis, with tuition of $2,000 for the year. They bought their first home this year after renting an apartment for many years.
Required: Calculate Carolyns Net Income for Tax purposes, Taxable income and minimum Taxes Payable (after non-refundable tax credits).
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