Question
Matt is a sales manager employed by a Canadian public company with a December 31 year end. His base salary for 2020 is $90,000. He
Matt is a sales manager employed by a Canadian public company with a December 31 year end. His base salary for 2020 is $90,000. He also earned $30,000 in commissions and was awarded a bonus of $10,00 for his outstanding sales performance during the year. The bonus will not be paid until the end of July, 2021. The employers year end is December 31. His employer withheld the following amounts from his base salary:
Registered Pension Plan Contributions (RPP) $4,750
Employment Insurance Premiums (EI) 856
Canada Pension Plan Contribution (CPP) 2,898
Union Dues 500
Charitable Donation 2,200
Disability Insurance Premiums 1,600
What is Matts Employment Income for the Year?
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