2.) lauren works as a nurse and earns a gross income of $66 000 per year. she has the following deductions…

2.) lauren works as a nurse and earns a gross income of $66 000 per year. she has the following deductions: • basic personal amount • cpp (5.95% of her gross income) • ei (1.63%) • union dues (3%) • pension (12%) calculate her taxable income both provincially and federally.\n| deduction | federal | provincial |\n|--|--|--| \n| gross income | 66 000 | 66 000 |\n| basic personal amount | 15 705 | 12 299 |\n| cpp | 0.0595×66 000 = 3,927 | 0.0595×66000 = 3,927 |\n| ei | 0.0163×66 000 = 1,075.80 | 0.0163×66 000 = 1,075.80 |\n| union dues | 0.03×66 000 = 1,980 | 0.03×66 000 = 1,980 |\n| pension | | |\n| total tax deductions | | |\n| taxable income | | |

2.) lauren works as a nurse and earns a gross income of $66 000 per year. she has the following deductions: • basic personal amount • cpp (5.95% of her gross income) • ei (1.63%) • union dues (3%) • pension (12%) calculate her taxable income both provincially and federally.\n| deduction | federal | provincial |\n|--|--|--| \n| gross income | 66 000 | 66 000 |\n| basic personal amount | 15 705 | 12 299 |\n| cpp | 0.0595×66 000 = 3,927 | 0.0595×66000 = 3,927 |\n| ei | 0.0163×66 000 = 1,075.80 | 0.0163×66 000 = 1,075.80 |\n| union dues | 0.03×66 000 = 1,980 | 0.03×66 000 = 1,980 |\n| pension | | |\n| total tax deductions | | |\n| taxable income | | |

Answer

Explanation:

Step1: Calculate total federal deductions

Add up all federal - applicable deductions: $15705 + 3927+1075.80 + 1980=22687.8$

Step2: Calculate federal taxable income

Subtract total federal deductions from gross income: $66000 - 22687.8 = 43312.2$

Step3: Calculate total provincial deductions

Add up all provincial - applicable deductions: $12399+3927 + 1075.80+1980 = 19381.8$

Step4: Calculate provincial taxable income

Subtract total provincial deductions from gross income: $66000 - 19381.8=46618.2$

Answer:

Federal taxable income: $43312.2$ Provincial taxable income: $46618.2$