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In 2020, Willam Barker, who is single, earned the following Income and Incurred the following losses Employment income $ 16.000 Business loss $ 4.000) Taxable capital gains $ 7.000 Property Income Interest) $ 19,000 Allowable capital loss from the sale of shares of public corporations $ 9.000) Allowable capital loss from the sale of shares of a CCPC that ouales as ($ 2.000) a small business corporation At the end of 2019, William had: 1. unused net capital losses of $ 16,000 and 2. unused non-capital losses of $37,000. William does not want to pay any federal tax in 2020. For 2020, William does not want to pay any federal tax in is entitled to 1. a deduction for CPP enhanced contributions of $38. 2. the basic personal tax credit $13,229, 3. the Canada employment credit $1245 and 4. the CPP & El credit amount of $872. Required: 1. Calculate wam's Net Income for tax purposes which would result in no tax liability after deducting tax credits. Subtotal segment A 0 3b) Subtotal segment B 310) 3d) Subtotal segment D Net Income for tax purposes 0 Taxable income Federal Income tax Liability Deduct non-refundable tax credito: S 0 Sub Total Total Tax credite * 1586 Federal tax payable 2 Calculate the maximum amount of non-capital losses and net capital losses remaining for carry-forward after 2020? Net capital loss loss carryforwaard beginning of year Plus Net-capital losses unused this year Net - capital losses remaining at end of year S 0 Non-capital loss carryforward beginning of year Less Non-capital losses used this year Non-capital losses remaining at end of year S 0 In 2020, Willam Barker, who is single, earned the following Income and Incurred the following losses Employment income $ 16.000 Business loss $ 4.000) Taxable capital gains $ 7.000 Property Income Interest) $ 19,000 Allowable capital loss from the sale of shares of public corporations $ 9.000) Allowable capital loss from the sale of shares of a CCPC that ouales as ($ 2.000) a small business corporation At the end of 2019, William had: 1. unused net capital losses of $ 16,000 and 2. unused non-capital losses of $37,000. William does not want to pay any federal tax in 2020. For 2020, William does not want to pay any federal tax in is entitled to 1. a deduction for CPP enhanced contributions of $38. 2. the basic personal tax credit $13,229, 3. the Canada employment credit $1245 and 4. the CPP & El credit amount of $872. Required: 1. Calculate wam's Net Income for tax purposes which would result in no tax liability after deducting tax credits. Subtotal segment A 0 3b) Subtotal segment B 310) 3d) Subtotal segment D Net Income for tax purposes 0 Taxable income Federal Income tax Liability Deduct non-refundable tax credito: S 0 Sub Total Total Tax credite * 1586 Federal tax payable 2 Calculate the maximum amount of non-capital losses and net capital losses remaining for carry-forward after 2020? Net capital loss loss carryforwaard beginning of year Plus Net-capital losses unused this year Net - capital losses remaining at end of year S 0 Non-capital loss carryforward beginning of year Less Non-capital losses used this year Non-capital losses remaining at end of year S 0