Box 81 isn't showing on the T4 slip in ProFile
by Intuit• Updated 5 days ago
In ProFile, self-employment income is reported on form T2125 as Sales, commissions, or fees.
To report self-employment income on a T4 slip, follow these steps:
- Select the employment code in box 29 by selecting the dropdown list, and select the suitable employment code.
- Â As a result, box 14 (Employment income) on the T4 slip is blank. ProFile won't calculate the EI earnings in box 24 or the CPP/QPP pensionable earnings in box 26. ProFile calculates the CPP/QPP on Schedule 8.
- To figure out how much you pay in taxes on your self-employed income, write down the amount you made in the tax year you started. This is in Box 24 of your tax return. Since income reported in Box 81 is self-employment for tax purposes, make sure that the EI and CPP amounts aren't entered automatically.
- Go to Schedule 8 and enter 0 on line 1.
More like this