Jerry provides you with his income tax information for this year 1. Employment Income $200,000 2....

 

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Jerry provides you with his income tax information for this year 1. Employment Income $200,000 2. CPP Deduction from his Payroll T4 slip $0 (80 years old) 3. El Deduction from his Payroll T4 slip: $890 4. Capital Gains $20,000 (hint calculate taxable capital gains) 5, Medical Expenses: $2,000 6. Union Dues Deduction: $0 7. RPP Deduction $10,000 (based on previous years earned incomes, assume allowed amount for this year) 8 Interest Income: $5,000 9. Charitable Donations: $10,000 10. Employment Expense Deduction: $10,000 11. Non-Capital (Business Loss from 2018) Loss Carry Forward: $20,000 12. Net Capital (netted at 50%) Loss Carry Forward: $8,000 What will Jerry insert into his Line 26000, Taxable Income this year? Jerry provides you with his income tax information for this year 1. Employment Income $200,000 2. CPP Deduction from his Payroll T4 slip $0 (80 years old) 3. El Deduction from his Payroll T4 slip: $890 4. Capital Gains $20,000 (hint calculate taxable capital gains) 5, Medical Expenses: $2,000 6. Union Dues Deduction: $0 7. RPP Deduction $10,000 (based on previous years earned incomes, assume allowed amount for this year) 8 Interest Income: $5,000 9. Charitable Donations: $10,000 10. Employment Expense Deduction: $10,000 11. Non-Capital (Business Loss from 2018) Loss Carry Forward: $20,000 12. Net Capital (netted at 50%) Loss Carry Forward: $8,000 What will Jerry insert into his Line 26000, Taxable Income this year?

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