Question 5: 49marks Wen Over Limited (WOL), a Canadian controlled private corporation, hired Monica a regional sales representative for Nova Scotia on March 1, 2020. During 2020 she earned a salary of $40,000 and commissions of $30,000. In addition, WOL declared a bonus of $6,000 on December 31, 2020, its fiscal year end, payable to Monica on May 31, 2021. The following items reflect amounts paid by WOL on behalf of Monica and the amounts withheld from her gross salary and commission income by her employer. ASSIGNMENT AI-CHAPTER 33-3524 2021 Income Tax Canada Pension Plan Employment Insurance Registered Pension Plas Private Health Insurance Plan premi Group Term Life Insurance Plan premium WOL Combutions on Monica's Behalf Ammunts Withheld from Monica's Pay $25,000 $2,732 $2,732 $1,198 3856 $3,500 $3,500 5800 $800 $1,100 As part of her employment contract dated March 1, 2020 Monica was granted a stock option to purchase 200 shares of WOL at $20 per share. The fair market value was $18 per share when the option was granted. On October 1, 2020 WOL provided Monica with a 54,000 interest freelan to enable her to exercise the option and purchase 200 shares. The option was exercised when the shares were trading at $23 per share. Monica sold 150 shares for $25 each on December 1, 2020 None of the loan was repaid during the year. (Note assume the prescribed it for 2020 was 35% throughout the year) WOL paid $3,500 in membership does for Monica at a local golf and country club because many of WOL's clients and prospective clients belonged to this club so it is good for business contacts Since Monica needs to travel extensively in her region, WOL provided Monica with a company car to be used in her employment activities but Monica is required to pay her own travel and entertainment costs in the performance of her employment duties. The company car cost of $35,000 including HST. In addition, WOL paid the 2020 automobile operating costs of $11,500 The car was available to Monics beginning March 1, 2000. During 2020 she drove a total of 50,000 km of which 10,000 km were for personal purposes. Monica incurred $2.500 for meals and $3,200 on lodging while travelling on business and $1,300 entertaining clients during 2020. (The employer completed and signed form 12290) Monica reports to the district sales manager in Montreal, Canada. Her employer requires that she maintain her own home office. She uses 10% of her home as an office. Her household and office expenses from March I to December 31, 2020 were as follows Expenditures Amount Mortgage interest $8,000 Property taxes $1,800 $1,900 Property insurance $700 Computer and printer purchased $5.000 Office supplies 5250 ASSIGNMENTAL - CHAPTERS 13-32421 Required: 1. Compute Monica's minimum net employment income for tax purposes for 2020 (Show all details and calculations used to provide the required information, including these for which the result is nil) (37 marks). Check figure: Minimum net employment income-$68,339 2. Prepare Monica's T4 slip (Statement of Remuneration Paids for 2020 from WOL Lad. (Note: You do not need to enter Box 39 for $225 because there will not be enough room to do so.) (12