Ralph Has Total Income of $53 000

Multiple Choice

Ralph has total income of $53 000.He has business expenses of $18 000,made a $5000 RRSP contribution and incurred $4000 in college expenses for his daughter,who did not work and is a freshman at a local community college.Personal basic exemptions of $11 138 and a marginal tax rate of 26 percent apply.Compute Ralph's taxable income for the current year.

A) $18 862
B) $26 000
C) $30 000
D) $14 862