In January of 2022, Mohammed contracted a student loan of $8,000 to be repaid over 5 years at a rate of 7%, compounded monthly. Payments are monthly. In addition, he incurred eligible moving expenses of $500, paid tuition of $5,000 and earned gross employment income of $21,300 in 2022.

What was his net income for tax purposes?

Answer rating: 100% (QA)

To calculate Mohammeds net income for tax purposes we need to consider his employment income eligibl... View the full answer