Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Please need answers before tomorrow afternoon Employment Income Maggie moved to Alberta to work for a ABC a public company where her job involves providing

Please need answers before tomorrow afternoon image text in transcribed
Employment Income Maggie moved to Alberta to work for a ABC a public company where her job involves providing guiding services to visitors to Alberta provincial tourism sites. When she moved to Alberta from Toronto she sold her Toronto house in a fast sale setting for 500,000 in proceeds on a house that cost her 350,000, resulting in Maggie losing 150,000 on the sale. Some other information relating to Maggie includes 1. ABC agreed to compensate Maggle for a portion of the moon the sale of her house and paid her in July, 2002, the monthshe starting work 2.000 towards the loss on sale of the Toronto house 2 During 2030. Maecamed 80.000 in employment income from her previous employer in Toronto and another 140,000 in salary from her new employer, ABC 3. The botal payroll deductions for Maggie in the employers combined were Income Taxes 562.500 CPT RPT Contributions Payment For Personal Use Of Automobile USO 4. ABC also contributed $1.000 wanda Maggies RPP in 2000 and provided her medical coverage at a cost of 2450 Some other items paid by ABC include . A Christmas gift card to local grocery store worth 5950 A golf pass to local golf club worth $1.250 . Life insurance premiums of SESO Disent at varioan parks owned by ABC value of the discounts were $350 & Maggie was granted options to buy 1000 of the company's shares at 539.50 per share when she sind AIC and at that time, the shares were trading at sa per share. On August 2020. the shares are trading at Sper share and Maggie acquired 1000 shares for cash of 53,958 on that date. She would all her shares in December 2000 for 3.500 total proceeds 7. ABC provides Mass with a vehicle. It was purchased in 2000 for 50.000 and wasted throughout 2020 by Mangle during her mother of employment with ABC Total meters driven by Magple were 5.000 and she kept los which sheet 42.000 of those were for employment purposes ABC pays all the operating costs totaling $18.450 on the vehicle Maggie renovated a space in her Alberta home to be used exclusively for meeting with inte and doing reeded paperwork the space represented 12% of the total living space of the home and the costs were as follows Workspace related expenditures are as follow Maintenance $2.50 Tower Property Insurance (6 Months) Property Tax 6 months 3.80 the screen TV und solely for the entertainment of clients Office Furniture Maggle received an allowance of 56:50 per month for 6 months to cover the costs of maintaining a we in her hume Required: Determine Maggle's net employment income for 2011 Employment Income Maggie moved to Alberta to work for a ABC a public company where her job involves providing guiding services to visitors to Alberta provincial tourism sites. When she moved to Alberta from Toronto she sold her Toronto house in a fast sale setting for 500,000 in proceeds on a house that cost her 350,000, resulting in Maggie losing 150,000 on the sale. Some other information relating to Maggie includes 1. ABC agreed to compensate Maggle for a portion of the moon the sale of her house and paid her in July, 2002, the monthshe starting work 2.000 towards the loss on sale of the Toronto house 2 During 2030. Maecamed 80.000 in employment income from her previous employer in Toronto and another 140,000 in salary from her new employer, ABC 3. The botal payroll deductions for Maggie in the employers combined were Income Taxes 562.500 CPT RPT Contributions Payment For Personal Use Of Automobile USO 4. ABC also contributed $1.000 wanda Maggies RPP in 2000 and provided her medical coverage at a cost of 2450 Some other items paid by ABC include . A Christmas gift card to local grocery store worth 5950 A golf pass to local golf club worth $1.250 . Life insurance premiums of SESO Disent at varioan parks owned by ABC value of the discounts were $350 & Maggie was granted options to buy 1000 of the company's shares at 539.50 per share when she sind AIC and at that time, the shares were trading at sa per share. On August 2020. the shares are trading at Sper share and Maggie acquired 1000 shares for cash of 53,958 on that date. She would all her shares in December 2000 for 3.500 total proceeds 7. ABC provides Mass with a vehicle. It was purchased in 2000 for 50.000 and wasted throughout 2020 by Mangle during her mother of employment with ABC Total meters driven by Magple were 5.000 and she kept los which sheet 42.000 of those were for employment purposes ABC pays all the operating costs totaling $18.450 on the vehicle Maggie renovated a space in her Alberta home to be used exclusively for meeting with inte and doing reeded paperwork the space represented 12% of the total living space of the home and the costs were as follows Workspace related expenditures are as follow Maintenance $2.50 Tower Property Insurance (6 Months) Property Tax 6 months 3.80 the screen TV und solely for the entertainment of clients Office Furniture Maggle received an allowance of 56:50 per month for 6 months to cover the costs of maintaining a we in her hume Required: Determine Maggle's net employment income for 2011

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

Communication In The Age Of Trump

Authors: Arthur S. Hayes

1st Edition

1433150301, 9781433150302

More Books

Students explore these related Accounting questions

Question

What are the disadvantages of arbitration?

Answered: 3 weeks ago