Edition Problem 3-5 (Employment Income) SSS Mrs. Vera Smiles is a sales representative for a Canadian controlled private corporation (CCPC) that manufactures office furniture. Her gross salary for the 2021 taxation year is $53,000 and, in addition, she earned commissions of $34,500. For the 2021 taxation year, Mrs. Smiles' employer withheld the following amounts from her income: Federal & Provincial Income Taxes $22,400 Registered Pension Plan (RPP) Contributions 3,200 Contributions to Group Disability Plan El Premiums 890 CPP Contributions 3,166 Mrs. Smiles' employer made a $3,200 matching contribution to her RPP and a $236 matching contribution to her group disability insurance. 212 Other Information: 1. In 2021, Mrs. Smiles is provided with an automobile that has been leased by her employer. The lease payments are $1,220 per month, an amount that includes a $127 per month payment for insurance. The car is available to her for 10 months of the year. In 2021, she drives the company car a total of 67,000 kilometres. Of this total, 63.000 kilometres were for employment purposes and only 4,000 for personal use. In 2021 she reimbursed her employer $1,400 for her personal use of the automobile. 2. In 2021, Mrs. Smiles was hospitalized for a month. The disability plan that provides periodic benefits to compensate for lost employment income paid her benefits of $2,650 during this period. Mrs. Smiles began making contributions to this plan in 2020 and paid $260 in that year. 3. On July 1, 2021, Mrs. Smiles received a $50,000 loan from her employer. The loan requires annual interest payments at a rate of 1% and Mrs. Smiles pays the interest for 2021 on January 18, 2022. Assume that at the time the loan was granted and for the remainder of the year, the prescribed rate was 2%. The loan is still outstanding at the end of the year. 4. Mrs. Smiles was given options to buy 200 shares of her employer's stock at a price of $32 per share three years ago. At the time the options were granted, the shares had a FMV of $30 per share. On June 1, 2021, Mrs. Smiles exercises the options. At the time of exercise, the shares had a FMV of $45 per share. She does not plan to sell the shares for at least two years. 5. During the year, Mrs. Smiles traveled extensively on business. She had travel expenses of $3,365 in air fares. $4.880 in hotels, and $2,450 in meals. She also spent $2,720 to entertain clients. Her employer reimbursed her fully for these costs on presentation of the receipts. Required: Calculate Mrs. Smiles' minimum 2021 employment income. Provide reasons for omitting items that you have not included in your calculations. Ignore all GST/HST & PST considerations