Using the information provided below, calculate the minimum Net Employment Income that Jess would need to report on her 2020 tax return for this job offer QNX Software Systems Offer Estimates Jess would be paid a salary of $95,000 per year This will result in the maximum CPP and EI deductions Her bonus for work performed in 2020 will likely be approximately $12,000 QNX will pay half her bonus in November 2020 and the other half in February 2021 Jess must contribute 3 of her base salary for union dues each year QNX will deduct $780 year for long term disability insurance from her paycheques To lessen the financial burden on Jess, they will add an additional $780 year to her paycheques to make up for this QNX will provide a life insurance policy worth 5x base salary The premiums are $500 year and entirely paid for by QNX Because she isnt able to secure parking anywhere near the office on such short notice, she will have to Uber to work and home for the month of January Jess estimates the total cost to be $800 From February to December she will pay QNX $100 month to park in the lot outside of the building Jess is pleased because they charge other people $200 month to park there Sometimes Jess will be required to travel to various clients around Ottawa To compensate for this, QNX will pay a car allowance of $6,000 year to account for gas, wear and tear on Jesss vehicle, etc Jess estimates that her total cost of using her car for personal and business use will be Gas $4,000 Interest on car loan $3,900 Maintenance $5,000 Parking $1,100 Jess told QNX that shes interested in pursuing her CPA designation and asked if they would be willing to pay for her CPA exams QNX agreed to pay a maximum of $2,300 year towards these exams She expects to enroll in 3 CPA exams in 2020 costing a total of $4,200

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Posted on Jan 29, 2021

Using the information provided below, calculate the minimum Net Employment Income that Jess would need to report on her 2020 tax return for this job

Using the information provided below, calculate the minimum Net Employment Income that Jess would need to report on her 2020 tax return for this job offer.

QNX Software Systems Offer & Estimates:

Jess would be paid a salary of $95,000 per year.
- This will result in the maximum CPP and EI deductions.
Her bonus for work performed in 2020 will likely be approximately $12,000. QNX will pay half her bonus in November 2020 and the other half in February 2021.
Jess must contribute 3% of her base salary for union dues each year.
QNX will deduct $780 / year for long term disability insurance from her paycheques. To lessen the financial burden on Jess, they will add an additional $780 / year to her paycheques to make up for this.
QNX will provide a life insurance policy worth 5x base salary. The premiums are $500 / year and entirely paid for by QNX.
Because she isn’t able to secure parking anywhere near the office on such short notice, she will have to Uber to work and home for the month of January. Jess estimates the total cost to be $800. From February to December she will pay QNX $100/month to park in the lot outside of the building. Jess is pleased because they charge other people $200/month to park there.
Sometimes Jess will be required to travel to various clients around Ottawa. To compensate for this, QNX will pay a car allowance of $6,000 / year to account for gas, wear and tear on Jess’s vehicle, etc. Jess estimates that her total cost of using her car for personal and business use will be:
- Gas: $4,000
- Interest on car loan: $3,900
- Maintenance: $5,000
- Parking: $1,100
Jess told QNX that she’s interested in pursuing her CPA designation and asked if they would be willing to pay for her CPA exams. QNX agreed to pay a maximum of $2,300/year towards these exams. She expects to enroll in 3 CPA exams in 2020 costing a total of $4,200.