Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation Slide

. Case 2: Sam has the following incomes and tax related items Net Employment Income $45,600.00 Net Business Profit $27,310.00 Capital Gains $31,620.00 Allowable Capital Losses $20,825.00 Contribution to RRSP $7,200.00 Rental income from Property $4,600.00

\begin{tabular}{l|l} \hline Incomes / Losses & Effects on Taxable Income Calculation \\ \hline Employment Income & Added to Taxable Income \\ \hline Capital Income/Gains & 50\% of the Amount is Added to the Taxable Income \\ \hline Capital Losses & Deducted from Taxable Income \\ \hline Business Profit/Income & Added to Taxable Income \\ \hline Business Losses & Deducted from Taxable Income \\ \hline Contribution to RRSP & Deducted from Taxable Income \\ \hline Contribution to TFSA & No change in Taxable Income \\ \hline Rental Income & Added to Taxable Income \\ \hline Rental Loss & Deducted from Taxable Income \\ \hline Interest on Loan Given & Added to Taxable Income \end{tabular}