Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sue is an engineer who needs your help preparing her tax return. She provides you with a copy of her pay stub for the
Sue is an engineer who needs your help preparing her tax return. She provides you with a copy of her pay stub for the current year: Gross Salary Payroll deductions: CPP EI $(2,500.00) $(800.00) Income tax $(5,000.00) RPP contribution $(3.000.00) Payment for using employer car $(1.200.00) Net Pay Sue's employer paid the following on behalf of Sue: Alberta blue cross private health care premiums: Additional notes: 1. Sue earned a bonus of $10,000 in the current year. $5,000 was received in the current year, and the remainder will be received in the following taxation year. 2. $650 $60,000.00 $560 $(12.500.00) $47.500.00 Sunlife life insurance premiums: $525 Reimbursed cost of supplies Sue purchased for use on the job: Professional clothing allowance: $750 (for the year) 3. On July 1 of the current year. Her employer provides her with an interest- free loan amount of 10,000. The loan is to be repaid in two years. The prescribed rate for 2022 was (Q1 & Q2: 5%, Q3: 3%, Q4: 2%) 4. Her employer provides her with a leased car. The annual lease payments were $7,200, including $1,200 for annual insurance. Sue drove the car 46,000 kilometres which were 22,000 kilometres for personal purposes. The car was available for sue for the entire year. 5. Sue incurred the following costs in the year: Meals (while out of town for work): $600 Professional dues: $875 Required: Calculate net employment income for Sue.
Step by Step Solution
★★★★★
3.28 Rating (163 Votes )
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started