Calculate marks federal income tax payable

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Reference no: EM133335627

Assignment:

Mark Selwyn has the following income for the 2021 taxation year. Salary $115,000 Bonus 6,000 Rental income 70,000 Interest received 68,000 Dividend from Canadian public corporation 4,000 Total $263,000 Mark is married and has no children. His wife is severely disabled (as certified by a medical doctor) and does not work. She has only $1,000 interest income for 2021. Mark has been advised by his accountant that his 2021 maximum RRSP contribution is $30,520.

REQUIRED: Calculate Mark's federal income tax payable for 2021, assuming that he makes the maximum contribution to his RRSP. Ignore C.P.P. and E.I.

Reference no: EM133335627

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