If an amount reduces net employment income, enter as a negative. Please use formulas for your answers. Do not calculate these outside of excel, and hardcode them. You can copy and paste your answer into the supporting calculations box and put an apostrophe in front, so that I can see the formula. Example (this is NOT a part of the question). Supporting Calculations Answer Mr. Craig Webber is provided with a car that is leased by his employer. The monthly lease Standby charge = payments for 2020 are $600. During 2020, he drives the automobile a total of 30,000km of (600*12*2/3)*8000/(1667*12) 1,920 which 22,000km are employment related. The automobile is available for the entire year. His employer paid a total of $9,200 in operating costs. Calculate Mr. Webber's minimum 2020 Operating cost benefit is the taxable benefit for the use of the automobile. lesser of 1,920 x 1/2 or 960 8000km x $0.28 Ignore operating costs paid by employer Question 4 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2020, a headhunting firm connected her with Whitehorse Expeditions Ltd. (WEL) a small Canadian controlled private company. WEL was looked for another person to join their expanding company. Other information relevant to 2020 is as follows: Answer Supporting Calculations 1 Lauren put her house on the market on January 5, 2020, the listing price was only $350,000. At the urging of the listing agent, she accepted an offer resulting in a $25,000 loss on this property. WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment was made on May 30, 2020. 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $100,000, 0.8% housing loan. The funds are provided to Lauren on February 1, 2020. Assume that the prescribed rate for all of 2020 is 2 percent. Use the number months to calculate the low interest loan benefit. 4 During 2020, Lauren earned a salary of $75,000. The Company withheld the following amounts from her salary: 4 During 2020, Lauren earned a salary of $75,000. The Company withheld the following amounts from her salary: Income Taxes CPP Disability insurance premiums Registered Pension Plan (RPP) Contributions 26,000 2,898 856 310 4,500 5 WEL contributed $4,500 on Lauren's behalf to the Company's RPP. 6 WEL provides group medical coverage to all of its employees. The private health plan premiums paid by WEL on Lauren's behalf cost $1,020 for the year. 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 $300. Record the gifts separately, if taxable, on the two lines provided. 8 WEL provides life insurance coverage to all of its employees. The premiums paid by WEL on Lauren's behalf cost $590 for the year. Lauren was granted options to buy 60 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 50 shares on that date and is still holding these shares on December 31. 10 Lauren is a part of the Canadian Mountaineers Association, and paid professional dues of $380 for 2020. 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months during 2020. She received a total of $6,100 in payments from the disability insurance company during this period. The $1,000 premiums are paid by both the employee and the employer. during this period. The $1,000 premiums are paid by both the employee and the employer. Lauren's share was withheld from her pay during the year. Show the disability benefit and premiums separately (if applicable). 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 during the year. Details of the vehicle and kilometers driven are below. Total km drive Personal km driven Cost of car (including GST and PST) 32,860 8,700 51,400 Standby charge (reduced, if applicable) plus Operating cost benefit, which is the lesser of: 1/2 of reduced standby charge: Or $0.28/km x personal km Other - Indicate in column G 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. Townhouse square feet 2,600 Work space square feet 570 If a deduction is not allowed, leave blank Work space related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. Monthly Maintenance Fee (total for 11 months) 5,152 Utilities (total for 11 months) 649 Home Insurance (total for 11 months) 4,759 Property Tax (total for 11 months) 4,899 Office Furniture 5,770 Office Furniture 5,770 Total % square footage Total Deduction Required: Determine Lauren's net employment income for 2020. Net employment income Please use the SUM function to show your net employment income. If an amount reduces net employment income, enter as a negative. Please use formulas for your answers. Do not calculate these outside of excel, and hardcode them. You can copy and paste your answer into the supporting calculations box and put an apostrophe in front, so that I can see the formula. Example (this is NOT a part of the question). Supporting Calculations Answer Mr. Craig Webber is provided with a car that is leased by his employer. The monthly lease Standby charge = payments for 2020 are $600. During 2020, he drives the automobile a total of 30,000km of (600*12*2/3)*8000/(1667*12) 1,920 which 22,000km are employment related. The automobile is available for the entire year. His employer paid a total of $9,200 in operating costs. Calculate Mr. Webber's minimum 2020 Operating cost benefit is the taxable benefit for the use of the automobile. lesser of 1,920 x 1/2 or 960 8000km x $0.28 Ignore operating costs paid by employer Question 4 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2020, a headhunting firm connected her with Whitehorse Expeditions Ltd. (WEL) a small Canadian controlled private company. WEL was looked for another person to join their expanding company. Other information relevant to 2020 is as follows: Answer Supporting Calculations 1 Lauren put her house on the market on January 5, 2020, the listing price was only $350,000. At the urging of the listing agent, she accepted an offer resulting in a $25,000 loss on this property. WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment was made on May 30, 2020. 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $100,000, 0.8% housing loan. The funds are provided to Lauren on February 1, 2020. Assume that the prescribed rate for all of 2020 is 2 percent. Use the number months to calculate the low interest loan benefit. 4 During 2020, Lauren earned a salary of $75,000. The Company withheld the following amounts from her salary: 4 During 2020, Lauren earned a salary of $75,000. The Company withheld the following amounts from her salary: Income Taxes CPP Disability insurance premiums Registered Pension Plan (RPP) Contributions 26,000 2,898 856 310 4,500 5 WEL contributed $4,500 on Lauren's behalf to the Company's RPP. 6 WEL provides group medical coverage to all of its employees. The private health plan premiums paid by WEL on Lauren's behalf cost $1,020 for the year. 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 $300. Record the gifts separately, if taxable, on the two lines provided. 8 WEL provides life insurance coverage to all of its employees. The premiums paid by WEL on Lauren's behalf cost $590 for the year. Lauren was granted options to buy 60 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 50 shares on that date and is still holding these shares on December 31. 10 Lauren is a part of the Canadian Mountaineers Association, and paid professional dues of $380 for 2020. 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months during 2020. She received a total of $6,100 in payments from the disability insurance company during this period. The $1,000 premiums are paid by both the employee and the employer. during this period. The $1,000 premiums are paid by both the employee and the employer. Lauren's share was withheld from her pay during the year. Show the disability benefit and premiums separately (if applicable). 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 during the year. Details of the vehicle and kilometers driven are below. Total km drive Personal km driven Cost of car (including GST and PST) 32,860 8,700 51,400 Standby charge (reduced, if applicable) plus Operating cost benefit, which is the lesser of: 1/2 of reduced standby charge: Or $0.28/km x personal km Other - Indicate in column G 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. Townhouse square feet 2,600 Work space square feet 570 If a deduction is not allowed, leave blank Work space related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. Monthly Maintenance Fee (total for 11 months) 5,152 Utilities (total for 11 months) 649 Home Insurance (total for 11 months) 4,759 Property Tax (total for 11 months) 4,899 Office Furniture 5,770 Office Furniture 5,770 Total % square footage Total Deduction Required: Determine Lauren's net employment income for 2020. Net employment income Please use the SUM function to show your net employment income