Calculate the net federal tax payable to the nearest dollar, given Calculate the net federal taxpayable to the nearest dollar,given the followinginformation:Federal tax rates for 2018 (from CRAs website www.canda.ca)? 15% on the first $46,605 of taxable income, +? 20.5% on the next $46,603 of taxable income (on the portion of taxable income over 46,605 upto $93,208), +? 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 upto $144,489), +? 29% on the next $61,353 of taxable income (on the portion of taxable income over 144,489 upto $205,842), +? 33% of taxable income over $205,842.Total Income ________________(-) Tax Deductions ________________Net Income ________________+/- other capital gains/losses- ½ capital gains ________________Taxable Income ________________Basic Federal tax payable ________________(-) Tax Credits ________________Net Federal Tax Payable ________________What is the Average Federal Tax Rate in this case? ___________%Employment Income $125 000Interest earned on investments $12 000Capital gains income on sale of shares $20 000Capital gains income on sale of principal residence $50 000Inheritance from Uncle Cliff $25 000RRSP Contributions made throughout the year $15 000Basic Personal Amount 11809 x 15% $1 771Tuition 5000 x 15% $750Child Care Expense $12 000Business Finance FINANCE 100
