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| *The Commerce Journal>>>Canada Taxes |
Commissions Entry (Box 42 on T4)? |
During my tax calculation I forgot to enter the amount mentioned in box 42 on T4. I found that on tax form it is mentioned not to include this amount (Line 102 on tax form) while calculating taxable income. Is there any impact of this amount on other values calculated on the tax form, if I just enter this amount on the already printed form by hand, instead of printing the forms again. If this amount is not affecting the tax then why it is there. (It is also mentioned on the form that the amount on box 42 is already included in the income on box 101 on T4). Box 42 is a special info box for commissioned salespeople to claim tax deductions for expenses incurred. It is transferred to Form T777. Commissioned employees can deduct some costs that non-commissioned employees cannot deduct such as advertising. |
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