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503 assignment final..xlsx - Computation of the taxable...

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1Section 3 ordering rule3(a).Employment IncomeFitness Inc.Taxable BenefitsBusiness IncomeIncome from propertyOther IncomeTotal normal incomeAdd3(b). Net Captial GainsLess3(c). Child Care DeductionAdd3(d). Deductions of lossesNet Income for TaxLess Division C deductionLosses from prev. yearTaxable IncomeNOTESClaytonClayton earns $15000 annually from Fitness Inc.Clayton earns business income $250 per month from ‘Clayton Consulting’ which is $3000 annually.Clayton used owner’s cottage for free which owner usually rent out for $500 per week. So it will be treated as taxTFSA contribution limit in 2020 was $6000 and Clayton contributed $4000. But if Clayton had overcontributed theIncurred loss of $3000 loss in Clayton Consulting.The business has met the conditions necessary to allow for the deduction of home-based business expensesClayton is also eligible to get a deduction for childcare. Because the 3 kids are under the age of5 and the coupleComputation of business incomeParticularsAmt.

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Term
Fall
Professor
NoProfessor
Tags
Taxation in the United States

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