Mark has the following sources of income and deductions for the 2020 taxation year: Gross...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Mark has the following sources of income and deductions for the 2020 taxation year: Gross employment income $175,000 Federal income tax withheld at source 20,000 CPP contributions withheld at source 2,898 EI premiums withheld at source 856 Eligible medical expenses 10,000 Tuition fees paid for child 8,000 Taxable capital gains realised during the year 90,000 Allowable capital losses suffered during the year 20,000 Eligible moving expenses 2,000 Business loss suffered during the year 205,000 What is Marks Net Income for Tax Purposes? A. $146,254 B. None of the choices shown C. $175,000 D. $38,000 E. $198,754 F. -$3,754 G. NIL H. $3,000
Mark has the following sources of income and deductions for the 2020 taxation year:
Gross employment income $175,000
Federal income tax withheld at source 20,000
CPP contributions withheld at source 2,898
EI premiums withheld at source 856
Eligible medical expenses 10,000
Tuition fees paid for child 8,000
Taxable capital gains realised during the year 90,000
Allowable capital losses suffered during the year 20,000
Eligible moving expenses 2,000
Business loss suffered during the year 205,000
What is Marks Net Income for Tax Purposes?
A. $146,254
B. None of the choices shown
C. $175,000
D. $38,000
E. $198,754
F. -$3,754
G. NIL
H. $3,000
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.