Part 1 of Information Jenna's T4 slip for the current year indicates the following amounts were deducted from her gross salary of $84,000. * See the current year's tax rate sheet to determine the CPP and EI reported on the T4 slip. Part 3 information On July 1 of the prior year, Enfield provided Jenna with an employee loan in the amount of $14,000 at the annual interest rate of 1%. The loan requires annual principal repayments of $1,600 on June 30 of each year. Jenna made the first annual repayment on June 30 of the current year. Canada Revenue Agency's interest rates for the calendar quarters in the current year are as follows. Quarter Quarter #1 (January 1 to March 31) Quarter #2 (April 1 to June 30) Quarter #3 (July 1 to September 30) Quarter #4 (October 1 to December 31) In the current year, Jenna paid the following amount personally: CPA professional dues (annual) in the amount of $1,500 (paid on June 30 ). Employment expenses: Jenna paid for supplies (used for employment purposes) in the amount of $1,400 (expenses occurred throughout the year). Enfield Ltd. has authorized these expenses and filed Form T2200 accordingly. Part 2 Information Enfield Ltd. provided Jenna with a motor vehicle for the entire year, and the company also paid for all operating costs for the vehicle, with $5,250 paid for operating costs in the current year. The vehicle was purchased by Enfield Ltd. three years ago at a cost of $49,500 (incl. GST). In the current year, Jenna drove 25,500 kilometres; 12,000 kilometres were personal, and 13,500 were for employment purposes. On October 1 of the current year, Jenna purchased 1,400 shares of Enfield Ltd. under a stock option plan. Enfield Ltd. is a Canadian public corporation. The following information is provided. Stock Options Option granted on January 1 of the prior year, FMV =$14 per share Option price =$14 per share Option exercised on July 1 of the current year, FMV =$20 per share * Note: On December 31, Jane continues to hold the 1,400 Enfield Ltd. shares since she anticipates they will appreciate in value. In the current year, her mother travelled with her to Vancouver when Jenna attended a five-day conference for accountants. Enfield Ltd. reimbursed her for the full cost of $5,200, of which $3,000 (including GST) was for expenses she incurred for her mother. Required 1. For each amount paid by Enfield Ltd. that was not reported on Jenna's T4 slip, determine if the amount is a taxable or non-taxable benefit. 2. Calculate the total amount of taxable benefits for Jenna in the current year and provide appropriate references to the ITA. 3. Calculate Jenna's net employment income for the current year in accordance with sections 5 to 8 of the Income Tax Act. Round your calculations to the nearest dollar, and provide appropriate references to the ITA. Requirement 3. Calculate Jenna's net employment income for the current year in accordance with sections 5 to 8 of the Income Tax Act. Complete the table below with the salary and deductions amounts, and calculate the net employment income. (Round your calculations to the nearest cent, and provide appropriate references to the ITA. Use parentheses or a minus sign to enter a net loss.) Part 1 of Information Jenna's T4 slip for the current year indicates the following amounts were deducted from her gross salary of $84,000. * See the current year's tax rate sheet to determine the CPP and EI reported on the T4 slip. Part 3 information On July 1 of the prior year, Enfield provided Jenna with an employee loan in the amount of $14,000 at the annual interest rate of 1%. The loan requires annual principal repayments of $1,600 on June 30 of each year. Jenna made the first annual repayment on June 30 of the current year. Canada Revenue Agency's interest rates for the calendar quarters in the current year are as follows. Quarter Quarter #1 (January 1 to March 31) Quarter #2 (April 1 to June 30) Quarter #3 (July 1 to September 30) Quarter #4 (October 1 to December 31) In the current year, Jenna paid the following amount personally: CPA professional dues (annual) in the amount of $1,500 (paid on June 30 ). Employment expenses: Jenna paid for supplies (used for employment purposes) in the amount of $1,400 (expenses occurred throughout the year). Enfield Ltd. has authorized these expenses and filed Form T2200 accordingly. Part 2 Information Enfield Ltd. provided Jenna with a motor vehicle for the entire year, and the company also paid for all operating costs for the vehicle, with $5,250 paid for operating costs in the current year. The vehicle was purchased by Enfield Ltd. three years ago at a cost of $49,500 (incl. GST). In the current year, Jenna drove 25,500 kilometres; 12,000 kilometres were personal, and 13,500 were for employment purposes. On October 1 of the current year, Jenna purchased 1,400 shares of Enfield Ltd. under a stock option plan. Enfield Ltd. is a Canadian public corporation. The following information is provided. Stock Options Option granted on January 1 of the prior year, FMV =$14 per share Option price =$14 per share Option exercised on July 1 of the current year, FMV =$20 per share * Note: On December 31, Jane continues to hold the 1,400 Enfield Ltd. shares since she anticipates they will appreciate in value. In the current year, her mother travelled with her to Vancouver when Jenna attended a five-day conference for accountants. Enfield Ltd. reimbursed her for the full cost of $5,200, of which $3,000 (including GST) was for expenses she incurred for her mother. Required 1. For each amount paid by Enfield Ltd. that was not reported on Jenna's T4 slip, determine if the amount is a taxable or non-taxable benefit. 2. Calculate the total amount of taxable benefits for Jenna in the current year and provide appropriate references to the ITA. 3. Calculate Jenna's net employment income for the current year in accordance with sections 5 to 8 of the Income Tax Act. Round your calculations to the nearest dollar, and provide appropriate references to the ITA. Requirement 3. Calculate Jenna's net employment income for the current year in accordance with sections 5 to 8 of the Income Tax Act. Complete the table below with the salary and deductions amounts, and calculate the net employment income. (Round your calculations to the nearest cent, and provide appropriate references to the ITA. Use parentheses or a minus sign to enter a net loss.)