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Required:Compute lona's income from employment. Shon / support any computations whether or not relevant to your tinzi arsetc. cite in detai the relevant provisions in
Required:Compute lona's income from employment. Shonsupport any computations whether or not relevant to your tinzi arsetc. cite in detai the relevant provisions in the Income Tax Act, and provide explanatons to support al inclusions, deductions, and exclusions.Question twolona has come to you to help her compute her employment income for the year. Her details are as follows.lonal's income for the year is as follows:Salary grossLess: CPP and El contributionsLess: RPP Contributions matched by emplayercontributions are to a defined benefit pensionplanAllowance for travel costsAllowance for gas $ per monthBonus based on her sales volume$$The total costs of travel, partially for work, are as follows:Gas, oil, and maintenanceLicense and insurance$$lona discovered that she needed a car for work. She purchased a Volkswagen Passat on January for SS plus HST of for a total of $ She received the money to buy the car from her dad. During the year, she has driven km for work and only km for personal use. You know that CCA rate for cars is but is limited to $ and lona will quality for the accelerated investment incentive which provides a CCA deduction in the year of $ accommodation and meals $The company does not give her an office, as she is out selling every day. She has partitioned a workspace in her home that she uses for her office. The office space takes up about of the home and is used for no other purpose. The company provided all employees with a turkey at Christmas and Thanksgiving value of $ in total for the year The company has deducted this expense for tax purposes.The costs associated with lona's home are as follows:Oil for furnaceTelephone service basic monthly charge for home$ phoneMortgage interestLongdistance calls for workProperty taxesComputer equipment needed for work CCA would be $General upkeep and maintenanceContents and property insuranceSupplies for the officeFor Use of E$Under lona's contract of employment, she is required to pay all of her own employmentrelated expenses as well as the costs to maintain her own office. She regularly travels out of the municipality on employmentrelated matters.
Required:Compute lona's income from employment. Shonsupport any computations whether or not relevant to your tinzi arsetc. cite in detai the relevant provisions in the Income Tax Act, and provide explanatons to support al inclusions, deductions, and exclusions.Question twolona has come to you to help her compute her employment income for the year. Her details are as follows.lonal's income for the year is as follows:Salary grossLess: CPP and El contributionsLess: RPP Contributions matched by emplayercontributions are to a defined benefit pensionplanAllowance for travel costsAllowance for gas $ per monthBonus based on her sales volume$$The total costs of travel, partially for work, are as follows:Gas, oil, and maintenanceLicense and insurance$$lona discovered that she needed a car for work. She purchased a Volkswagen Passat on January for SS plus HST of for a total of $ She received the money to buy the car from her dad. During the year, she has driven km for work and only km for personal use. You know that CCA rate for cars is but is limited to $ and lona will quality for the accelerated investment incentive which provides a CCA deduction in the year of $ accommodation and meals $The company does not give her an office, as she is out selling every day. She has partitioned a workspace in her home that she uses for her office. The office space takes up about of the home and is used for no other purpose. The company provided all employees with a turkey at Christmas and Thanksgiving value of $ in total for the year The company has deducted this expense for tax purposes.The costs associated with lona's home are as follows:Oil for furnaceTelephone service basic monthly charge for home$ phoneMortgage interestLongdistance calls for workProperty taxesComputer equipment needed for work CCA would be $General upkeep and maintenanceContents and property insuranceSupplies for the officeFor Use of E$Under lona's contract of employment, she is required to pay all of her own employmentrelated expenses as well as the costs to maintain her own office. She regularly travels out of the municipality on employmentrelated matters.
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