Calculate net income for tax purposes

Assignment Help Taxation

Reference no: EM132853821

Taxpayer information:

Salary $24,000

Dividend income $ 400 * (needs to be grossed up (multiplied by) x 1.38)

Interest income $ 200

Canadian Pension Plan (CPP) $ 1,200

Paid by employer:

Tuition (personal...not for work) $ 500

Gift card for birthday $ 280

Paid by tax payer

RPP (registered pension plan) $ 750

Union dues $ 400

RRSP (one month after year end) $ 1,000

Moving expenses $ 150

Additional information:

The taxpayer sold a piece of land for $16,000 that originally cost $10,000.
Enhanced CPP deductions $ 63.84 (Line 22215)

Required:

Calculate Net Income for Tax Purposes (NITP)

Reference no: EM132853821

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