Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr . John Saw works for Seabrook LLC . In 2 0 2 3 his Salary for the year was $ 8 5 , 2

Mr. John Saw works for Seabrook LLC. In 2023 his Salary for the year was $85,200,00. The company deducted Taxes of $18,500, CCPP of $ 3,824, and El of $1,001.00 along with RPP deduction of $450000 giving a net salary of $57,375. The company also reimburse him for the tuition fee of $2,800.00 for work related course. He received a bonus of $15,000 for his work performance. John Saw loved to wrorkat Seabrook LIC because it had a daycare on site The Daycare is open to the public The value of the benefit was $8,500 per year per child don has 1 child that attends). Jon pays the company $350.00 a month for this privilege, Seabrook reimburses Jon $3,500,00 for expenses paid on his business Travel to Toronto. The company also paya all employees for the following beneits during the year $1.00 cash gitt on their birthdays and Christmas, Non-cash Gift card value of $1,000,00 on partners birthdays. All enployees Receive a 20% discount on all items purchase in store unless the items is at cost, then they must pay the cost. Jon purchased $10,000,00 receiving a $2,000,00 benefit. Galculate the income for the year.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Practical Introduction

Authors: Ilias Basioudis

1st Edition

0273714295, 978-0273714293

More Books

Students also viewed these Accounting questions

Question

Why should an individual manager be interested in supporting HR?

Answered: 1 week ago