Jeff and Mandy are married and have three children, ages two, three and $12$ years. In $2023,$ Jeff

earned $$85,000$ from employment, and Mandy earned $$125,000$ as a self$-$employed consultant. The

couple employ a full$-$time nanny, at a salary of $$15,000$ per year, to take care of their two children

while they work. They also paid overnight camp fees of $$1,500$ for two weeks for the oldest child.

On January $4,2023,$ the family moved from Edmonton, Alberta, to Toronto, Ontario, so that Jeff

could accept a new position. Mandy continued her consulting business in Toronto. The following

expenses were incurred as a result of the move:

Return airfare for trip to find living accommodation

Hotel and meals for three days during trip to find living accommodation

$($receipts kept$)$

Airfare for four persons on move to Toronto

Hotel and meals in Toronto and while moving for $20$ days while waiting

for completion of construction of the new home Interior decorating of new home

$12,500$

In $2023,$ Jeff received a termination payment of $$25,000$ from his previous employer, with whom he

had been employed from October $2003$ to December $2023.$ He contributed $$14,000$ of this amount

to his RRSP since he had RRSP room of $$17,000$ from his earned income from prior years. Jeff

received a moving allowance of $$9,500$ from his new employer and $$9,000$ in spousal support from

his former spouse. Mandy did not make an RRSP contribution.

Required:

Calculate Jeff's and Mandy's net incomes for tax purposes.

Show all calculations.

Briefly explain why you left any amount out of these calculations $($remember that this needed to get

full marks$).$Jeff and Mandy are married and have three children, ages two, three and $12$ years. In $2023,$ Jeff earned $$85,000$ from employment, and Mandy earned $$125,000$ as a self$-$employed consultant. The couple employ a full$-$time nanny, at a salary of $$15,000$ per year, to take care of their two children while they work. They also paid overnight camp fees of $$1,500$ for two weeks for the oldest child.

On January $4,2023,$ the family moved from Edmonton, Alberta, to Toronto, Ontario, so that Jeff could accept a new position. Mandy continued her consulting business in Toronto. The following expenses were incurred as a result of the move:

Return airfare for trip to find living accommodation $850$

Hotel and meals for three days during trip to find living accommodation $($receipts kept$)700$

Airfare for four persons on move to Toronto $2,800$

Hotel and meals in Toronto and while moving for $20$ days while waiting for completion of construction of the new home

Hotel $($receipts kept$)4,800$

Meals $($not all receipts kept$)2,800$

Repairs in respect of disposition of old home $3,000$

Legal fees and commissions in respect of disposition of old home $4,700$

Actual loss on sale of old home $35,000$

Cost of transporting household goods $5,900$

Legal fees and land transfer tax on acquisition of new home $13,900$

Interior decorating of new home $12,500$

In $2023,$ Jeff received a termination payment of $$25,000$ from his previous employer, with whom he had been employed from October $2003$ to December $2023.$ He contributed $$14,000$ of this amount to his RRSP since he had RRSP room of $$17,000$ from his earned income from prior years $.$ Jeff received a moving allowance of $$9,500$ from his new employer and $$9,000$ in spousal support from his former spouse. Mandy did not make an RRSP contribution.

Required:

Calculate Jeff$$s and Mandy$$s net incomes for tax purposes.

Show all calculations.

Briefly explain why you left any amount out of these calculations $($remember that this needed to get full marks$).$

Please answer this question soon. Thank you