Q4. EMPLOYMENT INCOME (38 minutes, 30 marks)

Shasi works at Algonquin College as a public relations specialist. His base salary for the year ending December 31, 2020 is $97,000, however he did earn a $6,000 bonus in 2020, of which half was paid in 2020 and the rest in 2021. The following lists information about his income and deductions for 2020:

For the 2020 taxation year, Rajs employer withheld the following amounts from his income: a) Federal Income Tax $24,200 b) Canada Pension Plan Contributions $2,898 c) Employment Insurance Premiums $858 d) Registered Pension Plan Contributions $9,200 e) Donation to registered charity $1,600 f) Union dues $785

Also during the year, his employer paid the following amounts:

1. $7,900 contribution to his registered pension plan
2. $375 to a group medical plan
3. $650 to a group disability plan
4. $480 for a life insurance plan
5. $985 for Shasis professional dues with the Canadian Public Relations Society

The following information is relevant to Shasi for the 2020 tax year:

1. His employer provided him with a gift card for $600 towards Bayshore Shopping mall as a long-time service award.
2. Shasis employer paid $1,200 for Shasi to take an art history course at Carleton University.
3. Shasi attended a national conference for public relation professionals in October 2020 and paid $2,230 for it. His employer did not reimburse him for this cost, however the College did reimburse him $2,500 for a trip to Vancouver to see the Vancouver Canucks play in the Stanley Cup playoffs.
4. Unfortunately, in 2020 Shasi had an accident on his way to work. He was in the hospital from December 2020 until end of February 2021. The disability plan he pays into paid him $2,000 a month during these three months. Shasi has made a total of $250 in contributions since joining the plan.
5. During 2020, Shasi had access to a College owned car. He often travelled for work and needed a car on a daily basis. The car originally cost $48,000 and the employer paid $4,000 of operating costs for the auto during 2020. The car was available to him for the part of the year that he was not in the hospital and he drove it a total of 35,000 kilometers. Of this total, 28,500 kilometers were for travel required in pursuing the business of his employer and the remainder was for personal use. Shasi reimbursed the employer $800 for the car in November 2020.
6. Algonquin College gave Shasi an interest-free personal loan on March 1, 2020 in the amount of $16,000. The prescribed CRA rate was 3% for all quarters in 2020, and the loan was still outstanding at the end of 2020.

Required: Calculate Shasis net employment income for tax purposes for the year ending December 31, 2020. If any of the above items do not affect the calculation of net employment income, please enter a description of the item and enter a 0. SHOW ALL WORK FOR FULL MARKS.

Please include all excel formulas