Business
Business, 05.12.2020 19:50, drewdean5545

Diego Garcia is 32 years old. Diego earned $112,000 in 2020 while employed as a financial analyst. The combined CPP and El deduction during 2020 totaled $3,754. Of this amount, $166 was the CPP enhanced contribution. The following information was also provided pertaining to the 2020 taxation year:
a) Diego enrolled in part-time studies at the local university, paying tuition fees of $1,500.
b) Diego donated $2,000 to a registered charity for tax purposes, and $800 to a federal political party.
c) During the year, a total of $4,500 was spent on eyeglasses, dental care, and prescriptions, and none of this amount was reimbursed.
d) Diego's spouse did not work during 2020 while attending full-time post-secondary classes which cost $8,000 in tuition. The maximum allowed amount was
transferred to Diego for 2020 tax purposes. Diego's spouse had no other income during the year.
e) Diego ha a $2,000 non-capital loss from 2019.
f) The couple does not have any children.
Required:
A. Calculate Diego's taxable income for 2020.
B. Calculate Diego's federal tax liability for 2020.

If someone knows this.. please help

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Answers: 1

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Diego Garcia is 32 years old. Diego earned $112,000 in 2020 while employed as a financial analyst. T...

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