Yuen Li wes terminated from his employment with Exit Ltd. in July 2020. In November, he began work as a commission salesperson for Kolex Ltd., a Canadian public corporation. Yuen has asked you to help him prepare his 2020 tax return. Information regarding his employment for 2020 is outlined below. 1. Yuen's employment with Exit was terminated on July 31. His salary to that date was $61,600. Besides income tax, Exit had deducted the following amounts from his salary: Registered pension plan El and CPP contributions Group sickness and accident insurance plan premium $4,400 3,609 600 Exit also contributed $4,400 to an RPP and $600 to a group sickness and accident insurance plan on Yuen's behalf. Yuen took a medical stress leave from January 10 to March 15. His salary was not paid during the leave. However, he received $5,000 for loss of earnings from the group sickness and sccident insurance plen. In previous years, Yuen hed paid a total of $3,300 in premiums to the plan 2 On July 31, Yuen returned the company car to Exit, which had been available for his personal use. The car had an original cost of $36,800 and a book value of $24,000. Yuen hed driven the car 20.000 km in 2020, of which 8.400 km was for employment purposes. Exit paid the operating expenses of $2.900. 3. When his employment was terminated, Yuen paid a lawyer $900 to settle compensation issues. As a result, he received additional holiday pay of $1100 and a retiring allowance of $6,600 for his 10 years of service. 4. Yuen collected employment insurance of $5,400 before starting his employment with Kolex on November 1. 5. Besides a bese salary of $1,100 per month, Yuen receives commissions on sales. His commission is 4% of sales. His first sales were made in late December and totalled $150.000. The related commission was received on January 15, 2021. On December 1, 2020. Kolex paid Yuen $1.500 as an advance against commissions. 6. Kolex certified that Yuen wes required to pay his own car and other expenses. On November 1, he lessed a car at $1,100 per month (including 13% sales tax). Operating expenses for November and December were $1,000 in total. The car was used 70% of the time for employment purposes. 7. In December, Yuen sold 4.400 shares of Kolex Ltd. et $10 per share. He had acquired them in November under a stock-option plan et $6. At the time of acquisition, the sheres were valued at $8 per shere. When the option was granted, the shares were valued at $6 per shere. Yuen incurred the following additional expenses: Entertainment-meals and beverages Promotion-gift calendars for customers Purchase of a cellular phone $700 200 600 Required: Determine Yuen's net income from employment for the 2020. AP stock Tax Capital Gain Car lease expense Car operating benefit Car operating expense Net Employment Income $ 0 Required: Determine Yuen's net income from employment for the 2020. Car operating expense Car reimbursement Car Standby benefit Cell Phone Commission advance $ Net Employment Income 0 Commission advance Disability Benefits EI Benefits Holiday pay Legal - salary dispute Mesle A Net Employment Income 0 Legal - salary dispute Meals Promotion Registered Pension Plan (RPP) Retiring Allowance Salary: Exit Ltd 3 Net Employment Income 0 Registered Pension Plan (RPP) Retiring Allowance Salary: Exit Ltd Salary: Kolex Ltd Stock option benefit Net Employment Income 0 Yuen Li wes terminated from his employment with Exit Ltd. in July 2020. In November, he began work as a commission salesperson for Kolex Ltd., a Canadian public corporation. Yuen has asked you to help him prepare his 2020 tax return. Information regarding his employment for 2020 is outlined below. 1. Yuen's employment with Exit was terminated on July 31. His salary to that date was $61,600. Besides income tax, Exit had deducted the following amounts from his salary: Registered pension plan El and CPP contributions Group sickness and accident insurance plan premium $4,400 3,609 600 Exit also contributed $4,400 to an RPP and $600 to a group sickness and accident insurance plan on Yuen's behalf. Yuen took a medical stress leave from January 10 to March 15. His salary was not paid during the leave. However, he received $5,000 for loss of earnings from the group sickness and sccident insurance plen. In previous years, Yuen hed paid a total of $3,300 in premiums to the plan 2 On July 31, Yuen returned the company car to Exit, which had been available for his personal use. The car had an original cost of $36,800 and a book value of $24,000. Yuen hed driven the car 20.000 km in 2020, of which 8.400 km was for employment purposes. Exit paid the operating expenses of $2.900. 3. When his employment was terminated, Yuen paid a lawyer $900 to settle compensation issues. As a result, he received additional holiday pay of $1100 and a retiring allowance of $6,600 for his 10 years of service. 4. Yuen collected employment insurance of $5,400 before starting his employment with Kolex on November 1. 5. Besides a bese salary of $1,100 per month, Yuen receives commissions on sales. His commission is 4% of sales. His first sales were made in late December and totalled $150.000. The related commission was received on January 15, 2021. On December 1, 2020. Kolex paid Yuen $1.500 as an advance against commissions. 6. Kolex certified that Yuen wes required to pay his own car and other expenses. On November 1, he lessed a car at $1,100 per month (including 13% sales tax). Operating expenses for November and December were $1,000 in total. The car was used 70% of the time for employment purposes. 7. In December, Yuen sold 4.400 shares of Kolex Ltd. et $10 per share. He had acquired them in November under a stock-option plan et $6. At the time of acquisition, the sheres were valued at $8 per shere. When the option was granted, the shares were valued at $6 per shere. Yuen incurred the following additional expenses: Entertainment-meals and beverages Promotion-gift calendars for customers Purchase of a cellular phone $700 200 600 Required: Determine Yuen's net income from employment for the 2020. AP stock Tax Capital Gain Car lease expense Car operating benefit Car operating expense Net Employment Income $ 0 Required: Determine Yuen's net income from employment for the 2020. Car operating expense Car reimbursement Car Standby benefit Cell Phone Commission advance $ Net Employment Income 0 Commission advance Disability Benefits EI Benefits Holiday pay Legal - salary dispute Mesle A Net Employment Income 0 Legal - salary dispute Meals Promotion Registered Pension Plan (RPP) Retiring Allowance Salary: Exit Ltd 3 Net Employment Income 0 Registered Pension Plan (RPP) Retiring Allowance Salary: Exit Ltd Salary: Kolex Ltd Stock option benefit Net Employment Income 0