Calculate the average federal tax rate

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Question - Jim Simpson has gathered the following information for his 2020 federal tax return:

Amount ($)

Earnings from wages 49,500.00

Interest earned from GIC 125.00

Eligible dividend income 200.00

RRSP deduction 2,500.00

Savings account interest 75.00

Child care deduction 6,700.00

Union Dues 480.00

Total non-refundable tax credit amounts 13,800.00

Federal income tax deducted at source 7,168.00

Filing status - head of household

Required - Calculate the following items from his annual return and match the correct values from the drop-down list on the right.

-Total Income

-Total Deductions

-Taxable Income

-Federal Tax Liability

-Average Federal Tax Rate

-Refund Amount

Reference no: EM133073123

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