#3) Based on the following, determine the tax impact to the employee receiving the following payments...

  
 
 

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#3) Based on the following, determine the tax impact to the employee receiving the following payments from their employer: i) Hotel Accommodation Allowance Paid per Work Travel Day: Actual Cost of Hotels for Employee While Travelling per Day: ii) Vehicle Allowance per KM for Work Purposes: 400 100 0.40 (First 5,000 KM) #4) Given the following details, determine the minimum Net Employment Income the Taxpayer needs to report for 2017 Tax Year: (show all calculation and explanations) Gross Salary Sales Commission Income Cash Performance Bonus Federal Income Tax Withheld at Source CPP Contributions Withheld at Source El Insurance Premiums Withheld at Source Employee's RPP Contributions Employee's Contributions to Group Disability Plan Employee's Repayment to Employer for Work Vehicle Employee's Union Dues Net Paycheque for Year 89,319 4,396 8,932 25,662 2,480 931 5,132 159 693 1,340 102,647 36,397 66,250 Other Additional Information: i) Taxpayer was provided with a work vehicle that was used for both personal and work driving. The details of the vehicle use are as follows: Original Cost of Vehicle to Employer: FMV of Vehicle at December 31, 2017: NBV of Vehicle at December 31, 2017: # of Months Vehicle Available: # of Personal KM in Year: # of Work KM in Year: Total Disability Benefits Rec'd in Year: Cumulative Contributions to Plan by Employer: Cumulative Contributions to Plan by Employee: * Figure includes the amount deducted from 2017 paycheque iii) Taxpayer was required to pay annual professional dues of: FMV = Fair Market Value if sold to 3rd Party NBV Net Book Value per Accounting Records ii) Taxpayer was hospitalized during the year. The details are as follows: The employer did not reimburse the employee for this. iv) Employer contributed 3,000 towards employee's RPP.. 29,692 27,147 20,222 12 9,222 16,977 vi) On January 1, 2017 Ms. Marsh received a loan from her employer n 1444 5,314 1,000 1,559* (159) 685 v) A bonus of 7,000 was declared on December 20, 2017 by the employer and will be paid to the employee on January 7, 2018. LE3 iii) Taxpayer was required to pay annual professional dues of: The employer did not reimburse the employee for this. iv) Employer contributed 3,000 towards employee's RPP. v) A bonus of 7,000 was declared on December 20, 2017 by the employer and will be paid to the employee on January 7, 2018. vi) On January 1, 2017 Ms. Marsh received a loan from her employer n Amount of the Loan Interest Rate on the Loan Prescribed Interest Rate Q1,02, 03 & 04 a) Total Square Footage of Personal House: Total Square Footage of Home Office: vii) Other out of pocket (not reimbursed by employer) expenses incurred by Taxpayer and requird by the Employer under the Employment Contract during year: Home Property Taxes: Home Mortgage Interest: Home Utilities: Home Insurance: Home Kitchen Renovation: b) Advertising Costs: Total Cost of Meals on Road: Costs to Lease Equipment used for Work: Bought Computer for Work: 2,000 177 685 4,500 15,772 3,640 1,315 6,500 1,923 1,138 858 1,082 1600 1% 896 #3) Based on the following, determine the tax impact to the employee receiving the following payments from their employer: i) Hotel Accommodation Allowance Paid per Work Travel Day: Actual Cost of Hotels for Employee While Travelling per Day: ii) Vehicle Allowance per KM for Work Purposes: 400 100 0.40 (First 5,000 KM) #4) Given the following details, determine the minimum Net Employment Income the Taxpayer needs to report for 2017 Tax Year: (show all calculation and explanations) Gross Salary Sales Commission Income Cash Performance Bonus Federal Income Tax Withheld at Source CPP Contributions Withheld at Source El Insurance Premiums Withheld at Source Employee's RPP Contributions Employee's Contributions to Group Disability Plan Employee's Repayment to Employer for Work Vehicle Employee's Union Dues Net Paycheque for Year 89,319 4,396 8,932 25,662 2,480 931 5,132 159 693 1,340 102,647 36,397 66,250 Other Additional Information: i) Taxpayer was provided with a work vehicle that was used for both personal and work driving. The details of the vehicle use are as follows: Original Cost of Vehicle to Employer: FMV of Vehicle at December 31, 2017: NBV of Vehicle at December 31, 2017: # of Months Vehicle Available: # of Personal KM in Year: # of Work KM in Year: Total Disability Benefits Rec'd in Year: Cumulative Contributions to Plan by Employer: Cumulative Contributions to Plan by Employee: * Figure includes the amount deducted from 2017 paycheque iii) Taxpayer was required to pay annual professional dues of: FMV = Fair Market Value if sold to 3rd Party NBV Net Book Value per Accounting Records ii) Taxpayer was hospitalized during the year. The details are as follows: The employer did not reimburse the employee for this. iv) Employer contributed 3,000 towards employee's RPP.. 29,692 27,147 20,222 12 9,222 16,977 vi) On January 1, 2017 Ms. Marsh received a loan from her employer n 1444 5,314 1,000 1,559* (159) 685 v) A bonus of 7,000 was declared on December 20, 2017 by the employer and will be paid to the employee on January 7, 2018. LE3 iii) Taxpayer was required to pay annual professional dues of: The employer did not reimburse the employee for this. iv) Employer contributed 3,000 towards employee's RPP. v) A bonus of 7,000 was declared on December 20, 2017 by the employer and will be paid to the employee on January 7, 2018. vi) On January 1, 2017 Ms. Marsh received a loan from her employer n Amount of the Loan Interest Rate on the Loan Prescribed Interest Rate Q1,02, 03 & 04 a) Total Square Footage of Personal House: Total Square Footage of Home Office: vii) Other out of pocket (not reimbursed by employer) expenses incurred by Taxpayer and requird by the Employer under the Employment Contract during year: Home Property Taxes: Home Mortgage Interest: Home Utilities: Home Insurance: Home Kitchen Renovation: b) Advertising Costs: Total Cost of Meals on Road: Costs to Lease Equipment used for Work: Bought Computer for Work: 2,000 177 685 4,500 15,772 3,640 1,315 6,500 1,923 1,138 858 1,082 1600 1% 896

Answer rating: 100% (QA)

Section 1 Tax Impacts for Employee Allowances i Hotel Accommodation Allowance Actual Cost per Work Travel Day 400 Tax Impact Generally employerprovided accommodation allowances are considered a taxabl... View the full answer