Question
Ms. E. lives and works in Ontario as an internal auditor for a public corporation. She is required to travel for work. Ms. E. provides
Ms. E. lives and works in Ontario as an internal auditor for a public corporation. She is required to travel for work. Ms. E. provides you with the following information for 2020:
Gross Salary $60,000
Income Tax Withheld 15,900
CPP Contributions Employee 2,898
EI Contributions Employee 856
Registered Pension Plan Contributions Employee 3,000
Charitable Donations 100
Reimbursement Paid by Employee for Use of Company Vehicle 300
Employer paid Ms. E.s private health care premiums 625
Ms. E. has the use of a company car for the entire year. She drove the car a total of 25,000 kilometers. 20% of those kilometers were for personal reasons. The company paid the cars annual $3,200 operating costs and $4,500 lease payments.
Ms. Es employer gives her a monthly travel allowance of $400 and requires her to pay for her own meals and accommodations while traveling for work. She spent $3,000 on meals and entertainment, and $4,000 for accommodations.
Ms. E. made a $1,500 contribution to a Registered Retirement Saving Plan. She paid $300 in professional dues, and paid a lawyer $200 attempting to collect wages owing to her from a previous employer.
Required: Calculate Net Employment Income for 2020
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started