John's marginal federal tax rates for the current year are as follows: 15% on the first $46,000 of taxable income plus 22% on the next S46,000 plus 28% on the next $46,000. Calculate John's net...

Extracted text: John's marginal federal tax rates for the current year are as follows: 15% on the first $46,000 of taxable income plus 22% on the next S46,000 plus 28% on the next $46,000. Calculate John's net federal tax payable. Show your work


Extracted text: John's Tax Situation Ever since his wife's death, John Dutton has faced dillicult personal and financial circumstances His job provides him with a fairly good income but requires him to hire a caregiver for his daughters, ages 3 and 5, nearly 20 days a month This requires him to use in home childcare services that consume a large portion of his income. Since the Duttons ive in a small apartment, this arrangement has been very inconvenient. This problem was magnified when John was forced to work remotely, from home, for most of the year due to the Covid-19 pandemic Although John has saved some money for his daughters' education and for his retirement, he has not sought to select investments that offer tax benefits. Overal, he needs to look at several aspects of his tax-planning activities to find strategies that will best serve his curent and future financial needs John has assembled the following information for the current tax year Answer the three questions that follow pertaining to this case. $94,500 Earnings from wages $3,200 Interest earned on Savings account & GIC $3,800 Capital gains on investments Total value of non-refundable tax credits $2,750 Inheritance received from long-lost aunt $10,000 Childcare expenses $19,600