Question 15 20 pts On January 2, 2020, Ms. Shirley Kantor moves from London, Ontario, to Thunder Bay, Ontario, in order to begin employment with Northern Enterprises Ltd. (NEL). Her salary for the year was $142,000. NEL withheld the following amounts from her earnings: Federal And Provincial Income Tax $32,500 Registered Pension Plan Contributions (NEL Makes A Matching Contribution) 3.200 El Premiums 856 CPP Contributions 2,898 United Way Donations 450 Professional Association Dues 1.250 5. In her employment related travels, Shirley has accumulated over 100,000 Aeroplan points. During 2020, she and her partner Diane used 50,000 of these points for a weekend flight to New York City. If she had purchased them, the tickets would have cost a total of $940. 6. NEL provided Shirley with the following additional benefits: $4,800 Allowance For Acquiring Business Clothing Squash Club Membership (No Employment Related Usage) 2.800 Financial Advisor Fees 1,200 7. Shirley's previous employer was a Canadian controlled private corporation. In 2019, she was granted options to buy 500 of the company's shares at $20 per share. This option price was higher than the estimated fair market value of the company's shares at the time the options were granted. On January 2, 2020, Shirley exercised these options. At this time the fair market value of the shares was $28 per share. Shirley immediately sells the shares for $28 per share. 8. Shirley was required by her employer to acquire a laptop computer to be used in her employment duties. At the beginning of 2020. she purchased a computer at a cost of $1,356, including HST of $256. During 2020, her expenditures for computer related supplies totaled $150. REQUIRED Calculate the amount that would be included in calculation of Tammy Taxpayer's Net Employment Income for taxation purposes for the 2020 taxation year. PLEASE SHOW EACH ITEM THAT MAKES UP NET EMPLOYMENT INCOME 5. In her employment related travels, Shirley has accumulated over 100,000 Aeroplan points. During 2020, she and her partner Diane used 50,000 of these points for a weekend flight to New York City. If she had purchased them, the tickets would have cost a total of $940. 6. NEL provided Shirley with the following additional benefits: $4,800 Allowance For Acquiring Business Clothing Squash Club Membership (No Employment Related Usage) 2,800 Financial Advisor Fees 1.200 7. Shirley's previous employer was a Canadian controlled private corporation. In 2019, she was granted options to buy 500 of the company's shares at $20 per share. This option price was higher than the estimated fair market value of the company's shares at the time the options were granted on January 2, 2020, Shirley exercised these options. At this time the fair market value of the shares was $28 per share. Shirley immediately sells the shares for $28 per share. 8. Shirley was required by her employer to acquire a laptop computer to be used in her employment duties. At the beginning of 2020, she purchased a computer at a cost of $1,356, including HST of $256. During 2020, her expenditures for computer related supplies totaled $150. REQUIRED Calculate the amount that would be included in calculation of Tammy Taxpayer's Net Employment Income for taxation purposes for the 2020 taxation year. PLEASE SHOW EACH ITEM THAT MAKES UP NET EMPLOYMENT INCOME
