Meet Maddie You will be calculating components of her 2020 tax personal tax return over the rest of the term, including on the final exam. This week, your task is to calculate her net employment income. Maddie works as a financial analyst for Sunshine Inc. (Sunshine), a public company. Her annual salary is $100,000. The following amounts were withheld from her pay: Federal income taxes $15.000 CPP Max EI Max Registered Pension Plan (RPP) contributions $9,000 Premiums for private health care $1.000 Maddie exercised 1,000 stock options that had been granted to her in 2018, when Sunshine's shares were trading for $4. The exercise price was $5. Sunshine's shares were trading at $7 on the date of exercise. Maddie had been working in Sunshine's Calgary office until July 1, 2020 at which time she was transferred to the Toronto office (more information on this in a later assignment!). To help with the cost of acquiring a home in Toronto, Sunshine loaned her $50,000 on July 1, 2020. The prescribed rate was 2% throughot 2020. Maddie paid interest to Sunshine of $250 on January 10, 2021. Sunshine made RPP contributions for Maddie in the amount of $12,000 Sunshine employees are provided with private health care coverage. In 2020, Maddie paid $1,000 in premiums (as noted in the table above) and Sunshine paid $1,400 in premiums. REQUIRED 1: Calculate net employment income for Maddie for 2020 REQUIRED 2: Calculate taxable income for Maddie for 2020. Hint: Start with your answer for REQUIRED #1 and adjust from there to get to taxable income. Provide supporting calculations and explanations. Meet Maddie You will be calculating components of her 2020 tax personal tax return over the rest of the term, including on the final exam. This week, your task is to calculate her net employment income. Maddie works as a financial analyst for Sunshine Inc. (Sunshine), a public company. Her annual salary is $100,000. The following amounts were withheld from her pay: Federal income taxes $15.000 CPP Max EI Max Registered Pension Plan (RPP) contributions $9,000 Premiums for private health care $1.000 Maddie exercised 1,000 stock options that had been granted to her in 2018, when Sunshine's shares were trading for $4. The exercise price was $5. Sunshine's shares were trading at $7 on the date of exercise. Maddie had been working in Sunshine's Calgary office until July 1, 2020 at which time she was transferred to the Toronto office (more information on this in a later assignment!). To help with the cost of acquiring a home in Toronto, Sunshine loaned her $50,000 on July 1, 2020. The prescribed rate was 2% throughot 2020. Maddie paid interest to Sunshine of $250 on January 10, 2021. Sunshine made RPP contributions for Maddie in the amount of $12,000 Sunshine employees are provided with private health care coverage. In 2020, Maddie paid $1,000 in premiums (as noted in the table above) and Sunshine paid $1,400 in premiums. REQUIRED 1: Calculate net employment income for Maddie for 2020 REQUIRED 2: Calculate taxable income for Maddie for 2020. Hint: Start with your answer for REQUIRED #1 and adjust from there to get to taxable income. Provide supporting calculations and explanations