For 2022, Chandler Bing had the following income. The farm is run as a hobby farm...

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For 2022, Chandler Bing had the following income. The farm is run as a hobby farm when Chandler is not at his regular job: ● Taxable Capital Gains - $10,500 ● Business Income - $14,200 ● Employment Income - $61,000 ● Farm Income (loss) - ($18,000) Carried over losses from prior year were: 2020 Non-Capital Losses - $41,000 2018 Net Capital Losses - $25,000 Required Calculate the net income and taxable income for 2022. Fully apply carry over amounts that can be used to reduced taxable income and indicate any carry over amounts to the following year. For 2022, Chandler Bing had the following income. The farm is run as a hobby farm when Chandler is not at his regular job: ● Taxable Capital Gains - $10,500 ● Business Income - $14,200 ● Employment Income - $61,000 ● Farm Income (loss) - ($18,000) Carried over losses from prior year were: 2020 Non-Capital Losses - $41,000 2018 Net Capital Losses - $25,000 Required Calculate the net income and taxable income for 2022. Fully apply carry over amounts that can be used to reduced taxable income and indicate any carry over amounts to the following year.

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To calculate the net income for 2022 we will add up all of Chandlers income sources Taxable Capital ... View the full answer