Angelo is employed fulltime as the Global Head of Human Resources at State Fund Corporation ("State Fund"), a large public corporation with its head office located in Toronto. The following information is provided regarding his 2021 taxation year 1) $275,000 Salary Payroll deductions (paid by Angelo) Employment Insurance premiums Canada Pension Plan contributions Registered pension plan contributions Income tax $889 3,166 9,000 50,400 2) State Fund paid for the following amounts on Angelo's behalf in 2021: a $3,166 b. 1,245 C. 9,000 d. Canada Pension Plan contributions Employment Insurance premiums Registered pension plan contributions Gym membership Group term life insurance premium Extended health and dental premium Group sickness and accident insurance 500 700 600 400 3) Angelo is provided with a company car and State Fund pays the $1,000 per month lease cost. The company also pays for the annual operating costs of $3,500. Angelo drove the car for 20,000km in 2021, and the travel log shows that about 30% of the total km related to carrying out employment duties 4) Angelo also participates in State Fund's employee stock option plan, and in 2017 was granted the option to acquire shares for $45 per share. At the time, the shares were trading for $39 per share Angelo exercised the option in January of 2021 and acquired 1,000 shares (the shares were trading for $50 per share at that time). In December 2021, Angelo sold 800 shares for $52 per share 5) State Fund allows employees to work from home two days a week. Angelo maintains a home office and locates 10% of the housing costs (property tax, Internet, utilities, and home insurance to this office in 2021, 10% of the total costs were $2,400 Angelo also purchased a new computer in 2021 for $3,000 to be used exclusively for working from home. The nature of Angelo's work (HR) does not require meeting with clients of State Fund Required: Calculate Angelo's income from employment for 2021. You must provide a brief explanation for anything you have intentionally omitted from the calculation. No marks will be given for unexplained omissions Angelo is employed fulltime as the Global Head of Human Resources at State Fund Corporation ("State Fund"), a large public corporation with its head office located in Toronto. The following information is provided regarding his 2021 taxation year 1) $275,000 Salary Payroll deductions (paid by Angelo) Employment Insurance premiums Canada Pension Plan contributions Registered pension plan contributions Income tax $889 3,166 9,000 50,400 2) State Fund paid for the following amounts on Angelo's behalf in 2021: a $3,166 b. 1,245 C. 9,000 d. Canada Pension Plan contributions Employment Insurance premiums Registered pension plan contributions Gym membership Group term life insurance premium Extended health and dental premium Group sickness and accident insurance 500 700 600 400 3) Angelo is provided with a company car and State Fund pays the $1,000 per month lease cost. The company also pays for the annual operating costs of $3,500. Angelo drove the car for 20,000km in 2021, and the travel log shows that about 30% of the total km related to carrying out employment duties 4) Angelo also participates in State Fund's employee stock option plan, and in 2017 was granted the option to acquire shares for $45 per share. At the time, the shares were trading for $39 per share Angelo exercised the option in January of 2021 and acquired 1,000 shares (the shares were trading for $50 per share at that time). In December 2021, Angelo sold 800 shares for $52 per share 5) State Fund allows employees to work from home two days a week. Angelo maintains a home office and locates 10% of the housing costs (property tax, Internet, utilities, and home insurance to this office in 2021, 10% of the total costs were $2,400 Angelo also purchased a new computer in 2021 for $3,000 to be used exclusively for working from home. The nature of Angelo's work (HR) does not require meeting with clients of State Fund Required: Calculate Angelo's income from employment for 2021. You must provide a brief explanation for anything you have intentionally omitted from the calculation. No marks will be given for unexplained omissions
