Olin Packett has been employed for over $10$ years by a large Canadian public corporation with gross revenues of $$195$ million. He works in their Victoria office.

In $2023,$ his annual salary is $$125,000.$ While he does not receive commissions, he was awarded a bonus of $$15,000$ in $2023$ based on his sales performance. One$-$

half of the bonus is paid in December, $2023,$ and the other half in February, $2024.$

In $2023,$ Olin's employer withheld the following amounts from his gross wages:

Other Information

In order to assist Olin in acquiring a new residence in Victoria, his employer granted him a three year, interest free loan of $$175,000.$ The loan was received on

July $1,2023$ and, at this point in time, the interest rate on open five year mortgages was $4\mathrm{.}5\%.$ Assume the relevant prescribed interest rate on employee loans was

$2\%$ on this date and throughout $2023.$ Olin purchases a house for $$927,000$ on October $2,2023.$

$2.$On his birthday, Olin received several gifts from family and friends including a hoverboard and drone. In his enthusiasm for his new toys, he flew the drone over

his neighbour's swimming pool while maneuvering the hoverboard on the sidewalk in front of the two homes to watch it$.$ The result was a concussion, a broken leg,

a shattered wrist and a downed drone. He was unable to work for a period of two months. As his employer provides disability insurance coverage, he received

benefits during this period totaling $$14,500.$ All of the premiums for this insurance plan are paid for by the employer and totaled $$1,560$ for $2023.$ The plan provides

periodic benefits that compensate for lost employment income.

Other disbursements made by olin include the following:

Olin's employer fully reimbursed him for the tuition fees for both courses, as well as the fees paid to the financial planner.

Olin's employer made a payment to the group life insurance policy on his behalf. The premiums for $2023$ totalled $$500.$ Olin's employer fully reimbursed him for the tuition fees for both courses, as well as the fees paid to the financial plannerOlin Packett has been employed for over $10$ years by a large Canadian public corporation with gross revenues of $$195$ million. He works in their victoria office. In $2023,$ his annual salary is $$125,000.$ While he does not receive commissions, he was awarded a bonus of $$15,000$ in $2023$ based on his sales performance. One$-$ half of the bonus is paid in December, $2023,$ and the other half in February, $2024.$

In $2023,$ Olin's employer withheld the following amounts from his gross wages:

Income Tax

$$29,3501,0023,7543,100750$

El Premiums CPP Contributions RPP Contributions Donations to the United Way Union Dues Premiums for Group Life Insurance Policy

$275200$

Other Information $1.$ In order to assist Olin in acquiring a new residence in Victoria, his employer granted him a three year, interest free loan of $$175,000.$ The loan was received on July $1,2023$ and, at this point in time, the interest rate on open five year mortgages was $4\mathrm{.}5\%.$ Assume the relevant prescribed interest rate on employee loans was $2\%$ on this date and throughout $2023.$ Olin purchases a house for $$927,000$ on October $2,2023.2\mathrm{.}0$n his birthday, lin received several gifts from family and friends including a hoverboard and drone. In his enthusiasm for his new toys, he flew the drone over his neighbour's swimming pool while maneuvering the hoverboard on the sidewalk in front of the two homes to watch it$.$ The result was a concussion, a broken leg, a shattered wrist and a downed drone. He was unable to work for a period of two months. As his employer provides disability insurance coverage, he received benefits during this period totaling $$14,500.$ All of the premiums for this insurance plan are paid for by the employer and totaled $$1,560$ for $2023.$ The plan provides periodic benefits that compensate for lost employment income. $3.$ Other disbursements made by Olin include the following:

Tuition Fee for Operations Management Course Tuition Fee for Medieval History Course Fees Paid to Employer recommended Financial Planner

Olin's employer fully reimbursed him for the tuition fees for both courses, as well as the fees paid to the financial planner.

$4.$ Olin's employer made a payment to the group life insurance policy on his behalf. The premiums for $2023$ totalled $$500.$ Required: Calculate Olin's $2023$ employment income.

Please show your work and organize your answer as below: Taxable benefits & Receipts $($amounts included$-$additions$)$

$1.$

$2.3....$etc.

Deductions $($amounts that can be deducted in calculating Net Employment Income, if any$-$ deductions$)$

$1.$

$2.$

$3.$ etc.

Total Taxable benefits & receipts less Total deductions $=$ $ xxx Net Employment Incom