Mr. Chan is employed by a large public corporation and for 2021 his salary was $73,000. He was a member of the company'

[answerhappygod]

Mr. Chan is employed by a large public corporation and for 2021his salary was $73,000. He was a member of the company's pension plan and hiscontributions were matched by his employer. Hecontributed $800.84 to the plan and theamount shown on his T4 slip along with an entryof $1,601.68 in box 52 representing hispension adjustment. Union dues were deductedof $750.
During 2020, his employer withheld the following amounts fromhis compensation:
EIPremiums $889.54
CPPContributions $3,166.45
Income TaxDeducted $12,000
He also made RRSP contributionsof $100 a month for the year and hadenough contribution room. Last year he had non-capitallosses of $750 that hecould not use in 2020 and was carry forwardto 2021.
Mr. Chan owns 1,000 preferred shares of Iron Works shares, apublicly-traded taxable Canadian corporation and received fourdividend payments of $82 and sold hisshares and received proceeds of dispositionof $36 per share and his adjusted costbase for each share was $20. Mr. Chan alsoreceived interest paymentstotaling $565 based on his balance inhis savings account at the same bank and had carrying chargesof $180.
Mr. Chan is the sol
e provider for the family and Ying his wife works part time andhad a Net Income of $8,200. They have twoyoung children Lois and Arsenio aged seven and eleven and paidmedical expenses of $2,650 in2021. He also contributed to variouscharities in the amount of $450 and hiswife contributed $80 to localcharities.
Required:
Determine Mr. Chan's Total Income, Net Income, Taxable Income,and the Net Federal Tax owing or refund for 2021 not includingProvincial Taxes.
PROVINCE, COUNTRY: ONTARIO, CANADA