An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2)
Fantastic news! We've Found the answer you've been seeking!
Question:
An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2) a watch valued at $200 as a birthday gift, and 3) a $15,000 low-interest loan with a 1% interest rate when the CRA's prescribed rate during the year was 3%. What is the employee's net income for tax purposes?
Multiple Choice
$55,300
$55,500
$55,750
$55,000
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: