people. View the situational information. View Items 1 through 3. View Items 8 through 11 . View ltems 12 through 14. Required Determine Monty's 2022 employment income. Situational information Items 13 Prior to accepting employment with Orono, Monty had lived in Red Deer, Alberta. 1. Given Monty's high grades at the University of Alberta, Orono offered him Once he had signed the contract with Orono, plans were made to sell the house he $10,500 to convince him to sign a five year employment contract. After he owned in Red Deer. Unfortunately, the home remained unsold when he moved on accepted, he received the cheque in February 2022. During the period April 1 , March 8,2022 . It was sold in late May 2022 2022 , through December 31,2022 , he earned salary of $67,300. Of these earnings, $66,250 was received in 2022 with the remainder received in 2023 . The company withheld the following amounts from his 2022 salary. He arrived in Ottawa on March 16 and moved into an apartment he had rented on a monthly basis until he could arrange to purchase a home. Rent payments were req 31 . Monty began work on April 1, 2022, and eagerly awaited the arrival of his long-time girlfriend, Jordyn Maddox, from Alberta. Monty and Jordyn were married on November 29, 2022. On December 1, 2022, Monty purchased a house just outside of Ottawa for $233,000 that he and Jordyn moved into. 2. On December 16,2022 , a bonus of $7,500 was accrued for Monty. Monty Monty's new job requires him to meet with existing and prospective clients outside of regular office hours and, at times, on weekends. As a result, Orono has agreed received $2,200 of this bonus on December 21,2022 , with the remainder being to sign form T2200 stating Monty is required to pay for certain employment paid on February 17, 2023 expenses without reimbursement and use a portion of his home for employment 3. A few months into the new job, Monty became quite stressed. His employer purposes. He has set aside a small room in his rented apartment that is use suggested he take advantage of the company's employee assistance program. He went to four counselling appointments in October and November and felt much exclusively to meet with clients. Monty is also provided with an automobile to use better. Orono paid $680 for Monty's counselling sessions Monty is compensated by salary with a bonus and stock option plan. The bonus is based on overall company profits. The stock option plan is available to all employees depending upon level of service and overall job performance. people. View the situational information. View Items 1 through 3. View ltems 8 through 11 . View ltems 12 through 14. Required Determine Monty's 2022 employment income. Items 4-7 Items 8-11 4. Orono provides group medical coverage to all of its employees. The 8. Orono discovered years ago that many existing clients frequent certain premiums paid by Orono on Monty's behalf cost $430. recreational and sporting clubs. To encourage contacts with potential clients, 5. Orono contributed $1,100 on Monty's behalf to the company's RPP. squash, he chose a free membership at a local squash club. The annual 6. Monty is a Certified Financial Planner and paid $765 in professional dues in membership is $885. The company reimbursed Monty $612 in November 2022. 9. Orono reimbursed Monty for 80% of the $32,000($354,000$322,000) loss 7. When Monty was married in November, he received non-cash wedding gifts that he experienced on the sale of his Red Deer home. valued at $830. Half of the amount was contributed by his employer and the 10. Monty had $36,000 for a down payment on his new Ottawa home. Since he balance was from other employees. had no previous work experience, the banks were reluctant to provide him a mortgage at favourable terms. His employer stepped in and agreed to give him an interest-free housing loan of $197,000 beginning on December 1 , 2022. The loan requires annual payments of $7,700 due at the end of November beginning in 2023 . The loan is required to be paid if Monty dies, sells the home, or terminates his employment. Assume that the prescribed interest rates for such benefits are 2% in each of the first two quarters of 2022 and 1% in the third and fourth quarters. 11. Orono instituted a stock option plan for its employees in 2021. The plan eligibility requires three months of service. Employees are permitted to acquire a limited number of option shares at 20% below their FMV on either May 1 or November 1 each year. The company hires valuators to determine the FMV on those dates. Monty acquires 200 shares on November 1, 2022, for $12,200. Low on cash and wanting to buy Jordyn a nice wedding ring, he is forced to sell 80 of the shares. He sells them on December 16,2022 , for $8,800. people. View the situational information. View Items 1 through 3. View Items 8 through 11 . View ltems 12 through 14. Required Determine Monty's 2022 employment income. Items 8-11 Items 12-14 8. Orono discovered years ago that many existing clients frequent certain recreational and sporting clubs. To encourage contacts with potential clients, employees have their choice among five such clubs. Since Monty enjoys squash, he chose a free membership at a local squash club. The annual membership is $885. 9. Orono reimbursed Monty for 80% of the $32,000($354,000$322,000) loss that he experienced on the sale of his Red Deer home. 10. Monty had $36,000 for a down payment on his new Ottawa home. Since he had no previous work experience, the banks were reluctant to provide him a mortgage at favourable terms. His employer stepped in and agreed to give him an interest-free housing loan of $197,000 beginning on December 1 , 2022. The loan requires annual payments of $7,700 due at the end of November beginning in 2023 . The loan is required to be paid if Monty dies, sells the home, or terminates his employment. Assume that the prescribed interest rates for such benefits are 2% in each of the first two quarters of 2022 and 1% in the third and fourth quarters. 11. Orono instituted a stock option plan for its employees in 2021. The plan eligibility requires three months of service. Employees are permitted to acquire a limited number of option shares at 20% below their FMV on either May 1 or November 1 each year. The company hires valuators to determine the FMV on those dates. Monty acquires 200 shares on November 1, 2022, for $12,200. Low on cash and wanting to buy Jordyn a nice wedding ring, he is forced to sell 80 of the shares. He sells them on December 16,2022 , for $8,800. sk my instructor people. View the situational information. View Items 1 through 3. View Items 8 through 11 . View ltems 12 through 14. Required Determine Monty's 2022 employment income. Situational information Items 13 Prior to accepting employment with Orono, Monty had lived in Red Deer, Alberta. 1. Given Monty's high grades at the University of Alberta, Orono offered him Once he had signed the contract with Orono, plans were made to sell the house he $10,500 to convince him to sign a five year employment contract. After he owned in Red Deer. Unfortunately, the home remained unsold when he moved on accepted, he received the cheque in February 2022. During the period April 1 , March 8,2022 . It was sold in late May 2022 2022 , through December 31,2022 , he earned salary of $67,300. Of these earnings, $66,250 was received in 2022 with the remainder received in 2023 . The company withheld the following amounts from his 2022 salary. He arrived in Ottawa on March 16 and moved into an apartment he had rented on a monthly basis until he could arrange to purchase a home. Rent payments were req 31 . Monty began work on April 1, 2022, and eagerly awaited the arrival of his long-time girlfriend, Jordyn Maddox, from Alberta. Monty and Jordyn were married on November 29, 2022. On December 1, 2022, Monty purchased a house just outside of Ottawa for $233,000 that he and Jordyn moved into. 2. On December 16,2022 , a bonus of $7,500 was accrued for Monty. Monty Monty's new job requires him to meet with existing and prospective clients outside of regular office hours and, at times, on weekends. As a result, Orono has agreed received $2,200 of this bonus on December 21,2022 , with the remainder being to sign form T2200 stating Monty is required to pay for certain employment paid on February 17, 2023 expenses without reimbursement and use a portion of his home for employment 3. A few months into the new job, Monty became quite stressed. His employer purposes. He has set aside a small room in his rented apartment that is use suggested he take advantage of the company's employee assistance program. He went to four counselling appointments in October and November and felt much exclusively to meet with clients. Monty is also provided with an automobile to use better. Orono paid $680 for Monty's counselling sessions Monty is compensated by salary with a bonus and stock option plan. The bonus is based on overall company profits. The stock option plan is available to all employees depending upon level of service and overall job performance. people. View the situational information. View Items 1 through 3. View ltems 8 through 11 . View ltems 12 through 14. Required Determine Monty's 2022 employment income. Items 4-7 Items 8-11 4. Orono provides group medical coverage to all of its employees. The 8. Orono discovered years ago that many existing clients frequent certain premiums paid by Orono on Monty's behalf cost $430. recreational and sporting clubs. To encourage contacts with potential clients, 5. Orono contributed $1,100 on Monty's behalf to the company's RPP. squash, he chose a free membership at a local squash club. The annual 6. Monty is a Certified Financial Planner and paid $765 in professional dues in membership is $885. The company reimbursed Monty $612 in November 2022. 9. Orono reimbursed Monty for 80% of the $32,000($354,000$322,000) loss 7. When Monty was married in November, he received non-cash wedding gifts that he experienced on the sale of his Red Deer home. valued at $830. Half of the amount was contributed by his employer and the 10. Monty had $36,000 for a down payment on his new Ottawa home. Since he balance was from other employees. had no previous work experience, the banks were reluctant to provide him a mortgage at favourable terms. His employer stepped in and agreed to give him an interest-free housing loan of $197,000 beginning on December 1 , 2022. The loan requires annual payments of $7,700 due at the end of November beginning in 2023 . The loan is required to be paid if Monty dies, sells the home, or terminates his employment. Assume that the prescribed interest rates for such benefits are 2% in each of the first two quarters of 2022 and 1% in the third and fourth quarters. 11. Orono instituted a stock option plan for its employees in 2021. The plan eligibility requires three months of service. Employees are permitted to acquire a limited number of option shares at 20% below their FMV on either May 1 or November 1 each year. The company hires valuators to determine the FMV on those dates. Monty acquires 200 shares on November 1, 2022, for $12,200. Low on cash and wanting to buy Jordyn a nice wedding ring, he is forced to sell 80 of the shares. He sells them on December 16,2022 , for $8,800. people. View the situational information. View Items 1 through 3. View Items 8 through 11 . View ltems 12 through 14. Required Determine Monty's 2022 employment income. Items 8-11 Items 12-14 8. Orono discovered years ago that many existing clients frequent certain recreational and sporting clubs. To encourage contacts with potential clients, employees have their choice among five such clubs. Since Monty enjoys squash, he chose a free membership at a local squash club. The annual membership is $885. 9. Orono reimbursed Monty for 80% of the $32,000($354,000$322,000) loss that he experienced on the sale of his Red Deer home. 10. Monty had $36,000 for a down payment on his new Ottawa home. Since he had no previous work experience, the banks were reluctant to provide him a mortgage at favourable terms. His employer stepped in and agreed to give him an interest-free housing loan of $197,000 beginning on December 1 , 2022. The loan requires annual payments of $7,700 due at the end of November beginning in 2023 . The loan is required to be paid if Monty dies, sells the home, or terminates his employment. Assume that the prescribed interest rates for such benefits are 2% in each of the first two quarters of 2022 and 1% in the third and fourth quarters. 11. Orono instituted a stock option plan for its employees in 2021. The plan eligibility requires three months of service. Employees are permitted to acquire a limited number of option shares at 20% below their FMV on either May 1 or November 1 each year. The company hires valuators to determine the FMV on those dates. Monty acquires 200 shares on November 1, 2022, for $12,200. Low on cash and wanting to buy Jordyn a nice wedding ring, he is forced to sell 80 of the shares. He sells them on December 16,2022 , for $8,800. sk my instructor