AutoSave on 2 Chapter 1 to 3 Assignment (10%) - V2 Student Version (A02) - Excel Tracy Tran TT File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Calibri 11AA 2 Wrap Text General O4 Paste Copy X Cut [ Format Painter Clipboard BIU Insert Delete Format Ideas $ % 8 AutoSum Fill Sort & Find & Clear Filter Select Editing Sensitivity Merge & Center Conditional Format as Cell Formatting Table Styles Font Alignment Number Styles Cels Ideas Sensitivity 021 > fa M N P 0 R Marks A B D E F G H H 1 13 Question 4 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2020, a headhunting firm connected her with Whitehorse Expeditions 14 Ltd. (WEL) which is a Canadian Public Company. WEL was looked for another person to join their expanding company. 15 Other information relevant to 2020 is as follows: 16 Answer Supporting Calculations 1 Lauren put her house on the market on January 5, 2020, the listing price was only $350,000. At Loss money from selling the the urging of the listing agent, she accepted an offer resulting in a $20,000 loss on this property. house WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment 17 was made on May 30, 2020. (20,000) 18 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a WEL provied Low-interest loan $130,000, 0.8% housing loan. The funds are provided to Lauren March 1, 2020. Assume that benefit on March 1, 2020 = 19 the prescribed rate for all of 2020 is 2 percent. 1,300 1130000"12% 0.8%)* 10/12) 20 Use the number months to calculate the low interest loan benefit 1 1 21 Salary during 2020 90,000 1 8,000 1 1 1 1 4 During 2020, Lauren earned a salary of $90,000 as well as bonus of $8,000 which will be paid in 22 January 2021. The Company withheld the following amounts from her salary: 23 24 25 Income Taxes 26,000 26 CPP 2,898 27 EI 856 28 Disability insurance premiums 500 29 Registered Pension Plan (RPP) Contributions 4,500 30 31 5 WEL contributed $3,100 on Lauren's behalf to the Company's RPP. 32 6 WEL provides group medical coverage to all of its employees. The private health plan 33 premiums paid by WEL on Lauren's behalf cost $820 for the year. 34 7 During the year, Lauren received two non-cash gifts from WEL, a season skipass worth $1,100 and a Christmas gift certificate to a local spa for $250. 35 (4,500) 3,100 1 1 A season skipass worth $1,100. Amount over the $500 1,100 is a taxable benefit 1 Cover sheet - please read Q1 Q2 Q3 Q4 + 100% 1 Type here to search O . 1 ) ENG 8:35 PM 2020-09-27 AutoSave CH H2 Chapter 1 to 3 Assignment (10%) - V2 Student Version (A02) - Excel Tracy Tran TT File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Calibri 11AA 2 Wrap Text General D Paste Copy X Cut [ Format Painter Clipboard BIU DE Ideas Insert Delete Format $ % 8 Merge & Center AutoSum Fill Sort & Find & Clear Filter Select Editing Sensitivity Conditional Format as Cell Formatting Table Styles Font Alignment Number Styles Cels Ideas Sensitivity 021 fa F H 1 M N P 0 R 1 1 1 1 B D E 37 Record the gifts separately, if taxable, on the two lines provided. 38 8 8 WEL provides life insurance coverage to all of its employees. The premiums paid by WEL on 39 Lauren's behalf cost $590 for the year. 40 9 Lauren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL. At that time, the shares had an assessed fair market value of $12 per share. On May 10, 2020, the shares are trading at $13 per share. She acquires 60 shares on that date and is still holding these shares on December 31. 41 42 10 Lauren is a part of the Canadian Mountaineers Association. WEL paid her professional dues of 43 $380 for 2020. 44 45 11 Due to a dog sledding accident lauren breaks her collar bone and was off work for three months 16 during 2020. She received a total of $6,100 in payments from the disability insurance company 47 during this period. The $500 premiums are paid by the employee. 48 These were withheld from Lauren's salary. 49 Show the disability benefit, and premiums separately lif applicable). 50 51 For the auto benefit enter each calculation separately into column F. Leave a row blank if not required. 12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours. The vehicle was used by Lauren throughout 2020, aside form the three months she was off work. WEL required her to return the car and keys. WEL pays all operating and maintenance costs, a total of $2,300 52 during the year. Details of the vehicle and kilometers driven are below. 53 Total km drive 27,000 54 Personal km driven 8,200 55 Monthly lease cost 640 56 57 58 Standby charge (reduced, if applicable) plus 59 Operating cost benefit, which is the lesser of 60 1/2 of reduced standby charge: 61 Or $0.28/km x personal km $ Cover sheet - please read Q1 Q2 Q3 Q4 1 1 + 100% H Type here to search O CO ENG 8:36 PM 2020-09-27 AutoSave on 2 Chapter 1 to 3 Assignment (10%) - V2 Student Version (A02) - Excel Tracy Tran TT File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Calibri Wrap Text General D 47 4 Paste Copy X Cut [ ~ Format Painter Clipboard 11AA CA BIU Insert Delete Format Ideas $ % 8 Merge & Center AutoSum Fill Sort & Find & Clear Filter Select Editing Sensitivity Conditional Format as Cell Formatting Table Styles Font Alignment Number Styles Cels Ideas Sensitivity 021 fax A B M N P 0 R 1 1 D E P F H 1 55 Monthly lease cost 640 56 57 58 Standby charge (reduced, if applicable) plus 59 Operating cost benefit, which is the lesser of: 60 1/2 of reduced standby charge: 61 Or $0.28/km x personal km 62 Other - Indicate in column G 63 13 Lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with clients. WEL will provide her with a signed form T2200 stating that she is required to pay for certain employment expenses without reimbursement and use a portion of her home for work. She used this work space between February 1 and December 31, 2020. 64 65 Townhouse square feet 2,500 66 Work space square feet 570 67 If a deduction is not allowed, leave blank 68 Work space related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. 69 Monthly Maintenance Fee (total for 11 months) 4,100 70 Home insurance (total for 11 months) 720 71 Property Tax (total for 11 months) 4,600 72 Office Furniture 6,000 73 74 Total 75 % square footage 76 Total Deduction 77 78 79 Required: Determine Lauren's net employment income for 2020. Net employment income 80 Please use the SUM function to show your net employment income. 81 82 83 84 85 1 1 1 1 1 1 1 31 Cover sheet - please read Q1 Q2 Q3 Q4 + 100% H Type here to search O . ENG 8:36 PM 2020-09-27 AutoSave on 2 Chapter 1 to 3 Assignment (10%) - V2 Student Version (A02) - Excel Tracy Tran TT File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Calibri 11AA 2 Wrap Text General O4 Paste Copy X Cut [ Format Painter Clipboard BIU Insert Delete Format Ideas $ % 8 AutoSum Fill Sort & Find & Clear Filter Select Editing Sensitivity Merge & Center Conditional Format as Cell Formatting Table Styles Font Alignment Number Styles Cels Ideas Sensitivity 021 > fa M N P 0 R Marks A B D E F G H H 1 13 Question 4 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2020, a headhunting firm connected her with Whitehorse Expeditions 14 Ltd. (WEL) which is a Canadian Public Company. WEL was looked for another person to join their expanding company. 15 Other information relevant to 2020 is as follows: 16 Answer Supporting Calculations 1 Lauren put her house on the market on January 5, 2020, the listing price was only $350,000. At Loss money from selling the the urging of the listing agent, she accepted an offer resulting in a $20,000 loss on this property. house WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment 17 was made on May 30, 2020. (20,000) 18 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a WEL provied Low-interest loan $130,000, 0.8% housing loan. The funds are provided to Lauren March 1, 2020. Assume that benefit on March 1, 2020 = 19 the prescribed rate for all of 2020 is 2 percent. 1,300 1130000"12% 0.8%)* 10/12) 20 Use the number months to calculate the low interest loan benefit 1 1 21 Salary during 2020 90,000 1 8,000 1 1 1 1 4 During 2020, Lauren earned a salary of $90,000 as well as bonus of $8,000 which will be paid in 22 January 2021. The Company withheld the following amounts from her salary: 23 24 25 Income Taxes 26,000 26 CPP 2,898 27 EI 856 28 Disability insurance premiums 500 29 Registered Pension Plan (RPP) Contributions 4,500 30 31 5 WEL contributed $3,100 on Lauren's behalf to the Company's RPP. 32 6 WEL provides group medical coverage to all of its employees. The private health plan 33 premiums paid by WEL on Lauren's behalf cost $820 for the year. 34 7 During the year, Lauren received two non-cash gifts from WEL, a season skipass worth $1,100 and a Christmas gift certificate to a local spa for $250. 35 (4,500) 3,100 1 1 A season skipass worth $1,100. Amount over the $500 1,100 is a taxable benefit 1 Cover sheet - please read Q1 Q2 Q3 Q4 + 100% 1 Type here to search O . 1 ) ENG 8:35 PM 2020-09-27 AutoSave CH H2 Chapter 1 to 3 Assignment (10%) - V2 Student Version (A02) - Excel Tracy Tran TT File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Calibri 11AA 2 Wrap Text General D Paste Copy X Cut [ Format Painter Clipboard BIU DE Ideas Insert Delete Format $ % 8 Merge & Center AutoSum Fill Sort & Find & Clear Filter Select Editing Sensitivity Conditional Format as Cell Formatting Table Styles Font Alignment Number Styles Cels Ideas Sensitivity 021 fa F H 1 M N P 0 R 1 1 1 1 B D E 37 Record the gifts separately, if taxable, on the two lines provided. 38 8 8 WEL provides life insurance coverage to all of its employees. The premiums paid by WEL on 39 Lauren's behalf cost $590 for the year. 40 9 Lauren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL. At that time, the shares had an assessed fair market value of $12 per share. On May 10, 2020, the shares are trading at $13 per share. She acquires 60 shares on that date and is still holding these shares on December 31. 41 42 10 Lauren is a part of the Canadian Mountaineers Association. WEL paid her professional dues of 43 $380 for 2020. 44 45 11 Due to a dog sledding accident lauren breaks her collar bone and was off work for three months 16 during 2020. She received a total of $6,100 in payments from the disability insurance company 47 during this period. The $500 premiums are paid by the employee. 48 These were withheld from Lauren's salary. 49 Show the disability benefit, and premiums separately lif applicable). 50 51 For the auto benefit enter each calculation separately into column F. Leave a row blank if not required. 12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours. The vehicle was used by Lauren throughout 2020, aside form the three months she was off work. WEL required her to return the car and keys. WEL pays all operating and maintenance costs, a total of $2,300 52 during the year. Details of the vehicle and kilometers driven are below. 53 Total km drive 27,000 54 Personal km driven 8,200 55 Monthly lease cost 640 56 57 58 Standby charge (reduced, if applicable) plus 59 Operating cost benefit, which is the lesser of 60 1/2 of reduced standby charge: 61 Or $0.28/km x personal km $ Cover sheet - please read Q1 Q2 Q3 Q4 1 1 + 100% H Type here to search O CO ENG 8:36 PM 2020-09-27 AutoSave on 2 Chapter 1 to 3 Assignment (10%) - V2 Student Version (A02) - Excel Tracy Tran TT File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments Calibri Wrap Text General D 47 4 Paste Copy X Cut [ ~ Format Painter Clipboard 11AA CA BIU Insert Delete Format Ideas $ % 8 Merge & Center AutoSum Fill Sort & Find & Clear Filter Select Editing Sensitivity Conditional Format as Cell Formatting Table Styles Font Alignment Number Styles Cels Ideas Sensitivity 021 fax A B M N P 0 R 1 1 D E P F H 1 55 Monthly lease cost 640 56 57 58 Standby charge (reduced, if applicable) plus 59 Operating cost benefit, which is the lesser of: 60 1/2 of reduced standby charge: 61 Or $0.28/km x personal km 62 Other - Indicate in column G 63 13 Lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with clients. WEL will provide her with a signed form T2200 stating that she is required to pay for certain employment expenses without reimbursement and use a portion of her home for work. She used this work space between February 1 and December 31, 2020. 64 65 Townhouse square feet 2,500 66 Work space square feet 570 67 If a deduction is not allowed, leave blank 68 Work space related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. 69 Monthly Maintenance Fee (total for 11 months) 4,100 70 Home insurance (total for 11 months) 720 71 Property Tax (total for 11 months) 4,600 72 Office Furniture 6,000 73 74 Total 75 % square footage 76 Total Deduction 77 78 79 Required: Determine Lauren's net employment income for 2020. Net employment income 80 Please use the SUM function to show your net employment income. 81 82 83 84 85 1 1 1 1 1 1 1 31 Cover sheet - please read Q1 Q2 Q3 Q4 + 100% H Type here to search O . ENG 8:36 PM 2020-09-27