Laurae is an engineer employed by a public company. She received a salary of $70,000 in 2022.
Question:
Laurae is an engineer employed by a public company. She received a salary of $70,000 in 2022. She was awarded a bonus of $10,000 for work performed in 2022 but the bonus was not paid until January 2023. In addition, Laurae was provided with the following employee benefits:
-Registered pension plan contributions (employer portion) of $5,000
-Group term life insurance premiums of $900
Laurae's employment expenses were as follows:
-Registered pension plan contributions (employee portion) of $5,000
-Union dues of $1,100
-Professional dues to Professional Engineers Ontario of $1,200
Based on the above, what is the correct amount of Laurae's employment income for 2022?
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold