QUESTION Problem 1 - Part A Ms. Larraine Jackson is a very successful salesperson for a large publicly traded company. For 2020, her base salary is $250,000. In addition, she received commissions totaling $12,000 during the year. For 2020, she also received a bonus of $32,000, one-half of which was paid during 2020, with the remainder due on January 31, 2021 During 2020, her employer withholds the following amounts from her salary Registered Pension Plan Contributions $7,500 El Premiums 856 CPP Contributions 2,198 Contributions to the Local United Way 1.200 Life Insurance Premiums (Employer Makes Matching Contribution) 460 Ms. Jackson is divorced and has custody of her 12 year old son and 10 year old daughter, both of whom live with her. Her daughter, who is legally blind, has no income of her own during 2020. Her son has summer job employment income of $2,350 Other Information 1. Ms. Jackson's employer provides her with an automobile that has a cost of 547 460, including applicable HST During 2020, the automobiles driven 63,000 kilometres, of which 48.000 were for employment related activities. Mo, Jackson pays all of the operating costs for the car. For 2020, these totaled 7.860, with no reimbursement from beremployer The automobile was used by Ms. Jackson throughout 2020. 2. Because of the high level of her stay, Mr. Jackson is required to pay her own advertising and travel costs. In addition to the operating costs for her vehicle, are paid for the following employment related costs Meals While Travelling $4,500 Hotels 0 000 Advertising 11.000 5.000 Entertainment $20.500 Total MoJackson received options to acquire 2.600 shares of her employer's.common shares two years ago. The option oricewa 50 per share the market value of the common best the time the options pour granted. During July 2020, after the market price of the shores reaches 572 bar share. Me Jackson exercises all of these phone she is holding of the year 4. Her employer provide all employees with gifts on their birthday. For 7020, Mn. Jackpon received a $260 certificate for a massage and faciat a location with 1300 in cash Required A Determine Jackson's minimum Net Employment Income for the 2020 taxation Year Show all calculations to support your answers FOTOGALLERY QUESTION Problem 1 - Part A Ms. Larraine Jackson is a very successful salesperson for a large publicly traded company. For 2020, her base salary is $250,000. In addition, she received commissions totaling $12,000 during the year. For 2020, she also received a bonus of $32,000, one-half of which was paid during 2020, with the remainder due on January 31, 2021 During 2020, her employer withholds the following amounts from her salary Registered Pension Plan Contributions $7,500 El Premiums 856 CPP Contributions 2,198 Contributions to the Local United Way 1.200 Life Insurance Premiums (Employer Makes Matching Contribution) 460 Ms. Jackson is divorced and has custody of her 12 year old son and 10 year old daughter, both of whom live with her. Her daughter, who is legally blind, has no income of her own during 2020. Her son has summer job employment income of $2,350 Other Information 1. Ms. Jackson's employer provides her with an automobile that has a cost of 547 460, including applicable HST During 2020, the automobiles driven 63,000 kilometres, of which 48.000 were for employment related activities. Mo, Jackson pays all of the operating costs for the car. For 2020, these totaled 7.860, with no reimbursement from beremployer The automobile was used by Ms. Jackson throughout 2020. 2. Because of the high level of her stay, Mr. Jackson is required to pay her own advertising and travel costs. In addition to the operating costs for her vehicle, are paid for the following employment related costs Meals While Travelling $4,500 Hotels 0 000 Advertising 11.000 5.000 Entertainment $20.500 Total MoJackson received options to acquire 2.600 shares of her employer's.common shares two years ago. The option oricewa 50 per share the market value of the common best the time the options pour granted. During July 2020, after the market price of the shores reaches 572 bar share. Me Jackson exercises all of these phone she is holding of the year 4. Her employer provide all employees with gifts on their birthday. For 7020, Mn. Jackpon received a $260 certificate for a massage and faciat a location with 1300 in cash Required A Determine Jackson's minimum Net Employment Income for the 2020 taxation Year Show all calculations to support your answers FOTOGALLERY
