BC 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:

Income tax Deducted for the entire 52% $10,000 year Spouse 50 years old Estimated Net Income: $50,000 Private Pension Income from Sun Estimated, $5,000 per year Life Assurance. {Pension Income} Registered Pension Plan {RPP} $1,000 per year $5,000 per year Deduction