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Group term life insurance premiums - Sun Life Group disability insurance premiums - Sun Life Employment insurance Canada Pension Plan Income taxes Registered Pension Plan contributions Payroll deductions Employment related travelling expenditures: The following amounts were withheld from Stan's salary as payroll deductions by MII, or paid by Stan during the year: Accommodations Meals (consumed while out of metropolitan area greater than 12 500 MonRook Air 350 $1,198 2,898 21,704 2,200 $28,000 2,300 1,400 Page 3: 3 Page 3: 1 Page 2: A Midterm - Requires Respondus LockDown Browser + Webcam ime Limit 2:00:00 Vsting Zhou Artempt rerigiunan Condations REGISL Payroll deductions Employment related travelling expenditures: Accommodations Meals (consumed while out of metropolitan area greater than 12 hours) Gifts - given to plant managers by Stan $28.000 2,300 1.400 250 MII provided Stan with a passenger vehicle for all of 2020. It was acquired by MII on March 1, 2019 for $60,000 (including 13% HST). MII paid operating costs of $3,750 and claimed $5,594 capital cost allowance for the year. At December 31, 2020 the book value of the vehicle was $29,400 and the fair market value of the vehicle was $40,000. Stan drove the vehicle a total of 35,000 km and employment related travel was 22,000 km. Stan reimbursed MII 10 cents per km for personal travel. In March 2020 Stan exercised his stock options to purchase 4,000 common shares from MII for $13 when the market value of the shares was $18. The options were provided to Stan by MII three years ago when the shares were trading at $12. MII allows employee pricing on items they manufacture. Stan purchased a MII sound system in August 2020 for $1,000. The market price of the item was $2,200 and the cost to MII was $1,500. Required: Compute Stan Walter's 2020 income from employment for tax purposes based upon the above information. State any reasonable assumptions you feel it is necessary to make. Where amounts are not included in your income calculation, provide a brief explanation why the amount was not included in your calculation. Group term life insurance premiums - Sun Life Group disability insurance premiums - Sun Life Employment insurance Canada Pension Plan Income taxes Registered Pension Plan contributions Payroll deductions Employment related travelling expenditures: The following amounts were withheld from Stan's salary as payroll deductions by MII, or paid by Stan during the year: Accommodations Meals (consumed while out of metropolitan area greater than 12 500 MonRook Air 350 $1,198 2,898 21,704 2,200 $28,000 2,300 1,400 Page 3: 3 Page 3: 1 Page 2: A Midterm - Requires Respondus LockDown Browser + Webcam ime Limit 2:00:00 Vsting Zhou Artempt rerigiunan Condations REGISL Payroll deductions Employment related travelling expenditures: Accommodations Meals (consumed while out of metropolitan area greater than 12 hours) Gifts - given to plant managers by Stan $28.000 2,300 1.400 250 MII provided Stan with a passenger vehicle for all of 2020. It was acquired by MII on March 1, 2019 for $60,000 (including 13% HST). MII paid operating costs of $3,750 and claimed $5,594 capital cost allowance for the year. At December 31, 2020 the book value of the vehicle was $29,400 and the fair market value of the vehicle was $40,000. Stan drove the vehicle a total of 35,000 km and employment related travel was 22,000 km. Stan reimbursed MII 10 cents per km for personal travel. In March 2020 Stan exercised his stock options to purchase 4,000 common shares from MII for $13 when the market value of the shares was $18. The options were provided to Stan by MII three years ago when the shares were trading at $12. MII allows employee pricing on items they manufacture. Stan purchased a MII sound system in August 2020 for $1,000. The market price of the item was $2,200 and the cost to MII was $1,500. Required: Compute Stan Walter's 2020 income from employment for tax purposes based upon the above information. State any reasonable assumptions you feel it is necessary to make. Where amounts are not included in your income calculation, provide a brief explanation why the amount was not included in your calculation.
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To compute Stan Walters 2020 income from employment for tax purposes we need to consider the various components of his income and deductions Lets break down the information provided and calculate his ... View the full answer
Related Book For
Accounting Information Systems
ISBN: 978-0133428537
13th edition
Authors: Marshall B. Romney, Paul J. Steinbart
Posted Date:
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