- Ms D Diesel Dd Had Several Events Which Occurred In 2021 This Included A Relationship Breakdown Early In The Year 1 (42.6 KiB) Viewed 40 times
Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown early in the year,
-
- Site Admin
- Posts: 899603
- Joined: Mon Aug 02, 2021 8:13 am
Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown early in the year,
Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown early in the year, quitting her job and moving to a resort in another town to take up a waitress job. She had the following items correctly calculated and classified as either inclusions, deductions, or the correctly calculated tax credits for the purpose of determining her taxable income and federal tax. Inclusions $ Benefits received from Employment Insurance Board and Lodging provided by employer Bonus from resort employer Salary from previous employer Gratuities as a waitress Interest on Canada Savings Bonds Salary as a waitress at resort Taxable capital gains Retiring Allowance from previous employer 600 8,000 500 6,000 2,000 775 12,000 3,750 800 Deductions, Losses, and Tax Credits Allowable capital losses Charitable gifts tax credit Childcare expenses Canada Pension Plan tax credit contributions on employment income Canada Pension Plan enhanced contribution deduction Medical expenses tax credit Expenses of objection to tax assessment Moving expenses Non-capital losses from previous year Basic personal tax credit Employment Insurance premiums tax credit Union dues Canada employment tax credit 4,500 26 1,800 215 145 9 65 1,700 600 1,984 77 100 189 Required: Determine the net income (Div. B), taxable income (Div. C), and basic federal tax payable (Div. E) based on the above correct information using the ordering rules in ITA Sections 3, 111, and 118. Articulate carry forward amounts remaining after 2021, if any.