ABC Company started their business on January 1, 2020. ABC Company had two employees in the year 2020:Jane and Larry.The payroll is run semi-monthly.

Larry estimates that his 2020 net income will be $10,000 for TD-1 purposes.

Assume Jane and Larry work the entire period fromJanuary1 to December 31, 2020 or 12 month.

The following payroll data was provided for Jane and Larry:

Jane(80 yrs. old) Larry(75 yrs. Old and Disabled) Annual Salary 524,000 548,000 Income tax Deducted for the entire $2,000 $10,000 year: Spouse 60 years old Estimated Net Income: $50,000 No Children No Children Tuition none $2,000, Seneca Part Time 4 months. Private Pension Income from Sun none Estimated, $5,000 per year Life Assurance. (Pension Income) Registered Pension Plan (RPP) $1,000 per year Deduction $5,000 per year