Taxable Income Calculation Slide in Week 2.

(use this slide as a method and the country is Canada)

Q2. Calculate Taxable Income and Total Income Tax for Mark.

Case 2: Mark has the following incomes and other tax related items
Net Business Income	$6,250.00
Salary from job	$43,962.00
Rental Income from Appartment	$36,230.00
Contribution to RRSP	$7,387.00
Capital Losses Allowed	$11,937.00
Capital Gains	$6,188.00

\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}