Jason Friedman is a client of Turtle and Turtle (K&K). You have been asked to review Jason’s information and to calculate his employment income for the tax year, based on the information provided to you. Your supervisor at K&K would like you to provide all of your calculations and to provide any explanation as to alternative calculations that you may elect to use.

Your supervisor has given you the following information:

Jason Friedman, 34 years old

• The gross salary for this year is $85,750
• Federal and Provincial taxes $30,334
• Registered Pension Plan contribution $2,400 (this was also matched by his employer, who also made a $2,400 contribution to the plan as well).
• Provided with an employer leased automobile: lease payments are $700 per month (including insurance). It was available for 11 months and during that time, he drove 40,000 kilometers, 3,000 of which were for personal use. The company also paid $6,500 in operating costs, and he reimbursed his employer at a rate of $0.30 per kilometer for his personal use of the automobile.
• Paid CPA dues in the amount of $1,450
• Purchased stock options and your supervisor indicates that the calculated benefit is $3,200