Calculate 's net employment income for the current year in accordance with sections 5 to 8 of the Income Tax Act. Complete the table below with the salary and deductions amounts, and calculate the net employment income. (Round your calculations to the nearest cent, and provide appropriate references to the ITA. Use parentheses or a minus sign to enter a net loss.)

T4 slip for the current year indicates the following amounts were deducted from her gross salary of

$78,000.

Taxable Benefits

Amount

ITA Reference

Salary

Total taxable benefits pursuant to ITA 6 and ITA 7

Employment deductions

Registered Pension Plan contributions

CPA professional dues paid by Su

Union Dues paid by Su (per T4 slip)

Supplies paid for by Su

Net Employment Income

Deductions	Amounts
CPP (maximum for the year*)
EI (maximum for the year*)
RPP	$4,500.00
Pension adjustment	9,000.00
Income Tax deducted	20,000.00
Union Dues	300.00
Charitable donations	1,200.00

* See the current year's tax rate sheet to determine the CPP and EI reported on the T4 slip.

The following amounts are paid by

Finley

Ltd. and not included on

Su's

current year T4 slip.

Paid by Finley Ltd.	Amounts
Private health insurance plan premiums	$1,800.00
Public health insurance plan premiums	1,500.00
Group term life insurance policy premiums	400.00
Allowance for incidental expenses ($400 per month)	4,800.00

Answer rating: 100% (QA)

Total taxable benefits pursuant to ITA 6 and ITA 7 Employment ... View the full answer