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Taxable Income Calculation Slide(use for the process) Question: 1. Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable
Taxable Income Calculation Slide(use for the process)
Question:
1. Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation Slide:
\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} EmploymentIncome(Salary)InterestOnLoanProvidedCapitalGainsonSharesSoldCapitalLossesAlowedContributiontoRRSPNetBusinessLoss$98,554.00$7,755.00$7,781.00$2,575.00$10,340.00$18,187.00Step by Step Solution
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