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Listen Earline has a full-time job with the City of Calgary. Her annual salary is $120,000. After much research, Earline decided to start a flower
Listen Earline has a full-time job with the City of Calgary. Her annual salary is $120,000. After much research, Earline decided to start a flower farm in 2019. She spends all of her weekends and vacation time working at her farm. In 2019, she had a loss of $42,000 and deducted the maximum allowable amount. In 2020, in addition to her employment income of $120,000, her flower farm had a profit of $6,000. The Excel spreadsheet has been provided to assist you with your calculations. The spreadsheet is not to be saved in the spaces provided for your answers. Earline xlsx What is Earline's minimum net income for tax purposes for 2020? Do not add commas or dollar signs to your answers. A/ What is Earline's minimum taxable income for 2020? Do not add commas or dollar signs to your answers. A What is the amount of loss available for carry forward after the maximum amount was deducted in 2020? If there is no amount to carry forward type nil in the space provided Do not add commas or dollar signs to your answers. A/
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