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1. Minjie Liu has the following sources of income and deductions: Employment income $25,000 Interest income(Property Income)

taxation

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Answer #1

As per data,

Net income= total income from all sources - deductions

We assume that Minnie lie has file tax as single,

Employment income. $25000

Interest income. $10000

Taxable dividend income $8000

Taxable capital gain. $5000

Total income. $ 48,000

Less : deductions

Maximum allowed capital loss $3000

Subdivisions e deduction. $2000

Total deduction. $5000

Net income. $ 43000

Then Minjies taxable net income is. $43000

Note: Maximum allowed for single person for capital loss deduction is $3000

Remaining I.e.$12000-$3000= $9000 is carry forwarded to next year.

Thank you.

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