Question 1: Answer all parts in the excel Jala Anderson resides in Vancouver, BC, and has been employed by Fields Ltd. for a number of years as its accountant. Exhibit I 10/14/21, 12:18 PM More Info Jala's T4 slip for the current year indicates the following amounts were deducted from her gross salary of $82,000, Deductions Amounts CPP (maximum for the year) El (maximum for the year) RPP $4.500.00 Pension adjustment 9,000.00 Income Tax deducted 20,000.00 Union Dues 300,00 Charitable donations 1,200.00 See the current year's tax rate sheet to determine the CPP and El reported on the T4 slip The following amounts are paid by Fields Ltd. and not included on Jala's current year T4 slip. Paid by Fields Ltd. Amounts Private health insurance plan premiums $1,800.00 Public health insurance plan premiums 1,500.00 Group term life insurance policy premiums 400.00 Allowance for incidental expenses ($400 per month) 4,800.00 Required: For each amount paid by Fields Ltd. that was not reported on Jala's T4 slip, determine if the amount is a taxable or non-taxable benefit. Using the drop-down arrow, select taxable vs. non-taxable for each one. Items paid by Fields and not on T4 slip Classification 1 2 Private health insurance premiums Public health insurance premiums Group term life insurance policy premiums Allowance for incidental expenses ($400 per month) 3 4 Taxable Non-taxable Mailings Review View Acrobat Picture Format Tell me AJ AaBbCcDdEe AaBbCcDdEe AaBbCcDdEE AaBbCcDdEe V Normal V Body Text List Paragraph No Spacing HE Exhibit II 10/14/21, 12:20 PM More Info Fields Ltd. provided Jala with a motor vehicle for the entire year, and the company also paid for all operating costs for the vehicle, with $5,450 paid for operating costs in the current year. The vehicle was purchased by Fields Ltd. three years ago at a cost of $48,000 (incl. GST). In the current year, Jala drove 27,000 kilometres: 12,500 kilometres were personal, and 14,500 were for employment purposes. On October 1 of the current year, Jala purchased 1,400 shares of Fields Ltd, under a stock option plan. Fields Ltd. is a Canadian public corporation. The following information is provided. Stock Options Option granted on Jan. 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 Fields Ltd. shares since she anticipates they will appreciate in value. In the current year, her mother travelled with her to Victoria whevala attended a five-day conference for accountants. Fields Ltd. reimbursed her for the full cost of $5,800, of which $2,500 (including GST) was for expenses she incurred for her mother. Required: Calculate the total amount of taxable benefits for Jala in the current year and provide appropriate references to the ITA or rationale. List the benefit, identify the amount, and quote the ITA section OR explain your rationale. Taxable benefits can be found in ITA section 6 and 7. Benefit Amount ITA Section Reference or rationale 1 2. 3 4 5 6 7 8 Total taxable benefits as per section 6 & 7 $ Focu Exhibit III 10/14/21. 12.20 PM More Info On July 1 of the prior year, Fields provided Jala with an employee loan in the amount of $14.000 at the annual interest rate of 1%. The loan requires annual principal repayments of $1.800 on June 30 of each year. Jala 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 Rates Quarter #1 (January 1 to March 31) 3% Quarter #2 (April 1 to June 30) 29 Quarter #3 (July 1 to September 30) 3% Quarter 14 (October 1 to December 31) 394 In the current year, Jala paid the following amount personally, CPA professionat dues (annual) in the amount of $1.200 (paid on June 30) Employment expenses: Jala paid for supplies (used for employment purposes) in the amount of $1,350 (expenses occurred throughout the year Fields Ltd has authorized these expenses and tried Form T2200 accordingly Required: Calculate Jala'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 or rationale. 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.) ITA Section Reference or rationale Amount Income / Benefit Salary 1 Total benefits - as calculated in Part 2 Employment deductions ITA Section Reference or rationale Amount 1 2 3 4 Total deductions $ Net employment incame er Required: 1. Using the information in Exhibit I only, for each amount paid by Fields Ltd. that was not reported on Jala's T4 slip, determine if the amount is a taxable or non-taxable benefit. a 2. Calculate the total amount of taxable benefits for Jala in the current year and provide appropriate references to the ITA. For a complete response, make sure you consider all the information: If you determined that something was "taxable" in your answer from Part 1, make sure you include that in your answer for Part 2. Use the information provided in Exhibit II. Use the information in Exhibit III to calculate the loan interest benefit. . . 3. Calculate Jala's net employment income for the current year in accordance with sections 5 to 8 of the Income Tax Act. Provide appropriate references to the ITA. Jala does not qualify for 8(1)f as she is not a sales commission employee. . If you determined Jala paid for something that was deducted from her paycheck and this is a deductible expense, make sure to include it. See T4 in Exhibit I. Use the information provided in Exhibit