Ken and Mary are married and have two children, ages three and six years. In 2019,...

  

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Ken and Mary are married and have two children, ages three and six years. In 2019, Ken earned $70,000 from employment, and Mary earned S105,000 as a self-employed consultant. The couple employ a full- time nanny, at a salary of $12,000 per year, to take care of their two children while they work. They also paid overnight camp fees of $1,200 for two weeks for the older child. On January 4, 2019, the family moved from Edmonton, Alberta, to Toronto, Ontario, so that Ken could accept a new position. Mary continucd her consulting business in Toronto. The following expenses were incurred as a result of the move: Return airfare for trip to find living accommodation Hotel and meals for three days during trip to find living accommodation (receipts kept) Airfare for four persons on move to Toronto Hotel and meals in Toronto and while moving for 20 days while waiting for completion of construction of the new home $ 550 500 2,000 Hotel (receipts kept) Meals (not all receipts kept) Repairs in respect of disposition of old home 3,000 2,700 1,000 3,700 Legal fees and commissions in respect of disposition of old home Actual loss on sale of old home 27,000 Cost of transporting household goods Legal fees and land transfer tax on acquisition of new home Interior decorating of new home 4,900 900 9,500 In 2019. Ken received a termination payment of $21.000 from his previous employer, with whom he had been employed from October 1993 to December 2018. He contributed $5,000 of this amount to his RRSP. Ken received a moving allowance of $8.000 from his new employer and $6,000 in spousal support from his former spouse. Mary did not make an RRSP contribution. Required: Calculate Ken's and Mary's net incomes for tax purposes. Show all caleulations. Briefly explain why you left any amount out of these caleulations. Ken and Mary are married and have two children, ages three and six years. In 2019, Ken earned $70,000 from employment, and Mary earned S105,000 as a self-employed consultant. The couple employ a full- time nanny, at a salary of $12,000 per year, to take care of their two children while they work. They also paid overnight camp fees of $1,200 for two weeks for the older child. On January 4, 2019, the family moved from Edmonton, Alberta, to Toronto, Ontario, so that Ken could accept a new position. Mary continucd her consulting business in Toronto. The following expenses were incurred as a result of the move: Return airfare for trip to find living accommodation Hotel and meals for three days during trip to find living accommodation (receipts kept) Airfare for four persons on move to Toronto Hotel and meals in Toronto and while moving for 20 days while waiting for completion of construction of the new home $ 550 500 2,000 Hotel (receipts kept) Meals (not all receipts kept) Repairs in respect of disposition of old home 3,000 2,700 1,000 3,700 Legal fees and commissions in respect of disposition of old home Actual loss on sale of old home 27,000 Cost of transporting household goods Legal fees and land transfer tax on acquisition of new home Interior decorating of new home 4,900 900 9,500 In 2019. Ken received a termination payment of $21.000 from his previous employer, with whom he had been employed from October 1993 to December 2018. He contributed $5,000 of this amount to his RRSP. Ken received a moving allowance of $8.000 from his new employer and $6,000 in spousal support from his former spouse. Mary did not make an RRSP contribution. Required: Calculate Ken's and Mary's net incomes for tax purposes. Show all caleulations. Briefly explain why you left any amount out of these caleulations.

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Moving Expense deduction for ken and Marys for income tax purpose is 7820 Stepbystep explanation Giv... View the full answer