QuestionMr. Caldeira is employed by a large public corporation and for 2020 his salary$77000$1,601.68$1,000 was _. He was a member of the company’s pension plan and his contributions were matched by his employer. He contributed $800.84 to the plan and the amount shown on his T4 slip along with an entry of in box 52 representing his pension adjustment. Union dues were deducted of .During 2020, his employer withheld the following amounts from his compensation:EI Premiums $856.36CPP Contributions $2,898.00Income Tax Deducted $17000_He also made RRSP contributions of $200 a month for the year and had enough contribution room. Last year he had non-capital lossesof $__1500__ that he could not use in 2019 and wascarry forward to 2020.Mr. Caldeira owns 1,000 preferred shares of Iron Works shares, a publicly-traded taxable Canadian corporation and received four dividend payments of $102 and sold his shares and received proceeds of disposition of $36 per share and his adjusted cost base for each share was $20. Mr. Caldeira also received interest payments totaling $365 based on his balance in his savings account at the same bank and had carrying charges of $95.Mr. Caldeira is the sole provider for the family and Lily his wife works part time and had a Net Income of $5,800. They have two young children Lois and Arsenio aged seven and eleven and paid medical expenses of $2,650 in 2020.He also contributed to various charities in the amount of $90 and his wife contributed $80 to local charities.Required:Determine Mr. Caldeira’s Total Income, Net Income, Taxable Income, and the Net Federal Tax owing or refund for 2020 not including Provincial Taxes.LawSocial ScienceTax law
