Question 1 (20 marks) Sara Small has provided you with the following list of her various...

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Question 1 (20 marks) Sara Small has provided you with the following list of her various sources of income. Gross Salary RRSP Withdrawal $92,000 10,000 Income from renting a house 7,500 Her share of partnership loss (9,000) Capital gains 22,000 Capital losses (25,000) Interest received from her Government of Canada bond 1,400 Lottery winnings 10,000 During the year Sara had the following disbursements. RRSP contribution $3,500 Union Dues deducted from her paycheque 1,200 Wages paid to an assistant 5,000 Total automobile operating costs (Sara uses her personal car 25% 8,000 for employment purposes and 75% for personal use). She is required under the terms of her employment contract to use her personal automobile and pay her operational costs. Mortgage payments on principal residence (Her home) Support payments to her former spouse 32,000 2,400 Support payments to her 2 children (her spouse has custody) Payments on her personal car loan 2,400 6,000 REQUIRED: Part A: Using Section 3 of the Income Tax Act, compute Sara's net income under Division B. annlving the "source" and "orderinn" concent Ilse the template provided to record your Question 1 (20 marks) Sara Small has provided you with the following list of her various sources of income. Gross Salary RRSP Withdrawal $92,000 10,000 Income from renting a house 7,500 Her share of partnership loss (9,000) Capital gains 22,000 Capital losses (25,000) Interest received from her Government of Canada bond 1,400 Lottery winnings 10,000 During the year Sara had the following disbursements. RRSP contribution $3,500 Union Dues deducted from her paycheque 1,200 Wages paid to an assistant 5,000 Total automobile operating costs (Sara uses her personal car 25% 8,000 for employment purposes and 75% for personal use). She is required under the terms of her employment contract to use her personal automobile and pay her operational costs. Mortgage payments on principal residence (Her home) Support payments to her former spouse 32,000 2,400 Support payments to her 2 children (her spouse has custody) Payments on her personal car loan 2,400 6,000 REQUIRED: Part A: Using Section 3 of the Income Tax Act, compute Sara's net income under Division B. annlving the "source" and "orderinn" concent Ilse the template provided to record your