Assignment Task: David is single and has a nine-year-old child 1.Ivho lives with him. He is the sole caregiver for her. In 2022 David has a Net Business Income totalling $150,000, Taxable Capital Gains of $15,000, and Interest Income of 515,000. His net income totalled $130,000. He has a non-capital loss amount of 530,000 and a net capital loss balance of $20,000.
Assuming David takes advantage of all available losses possible, calculate the following:
1. Taxable Income.
2. Federal taxes before non-refundable tax credit.
3. The non-refundable tax credit that David is entitled to claim.
4. Federal Tax payable.