With respect to the registered pension plan, the Company also made a $1,400 contribution on behalf...

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With respect to the registered pension plan, the Company also made a $1,400 contribution on behalf of Ms. Marsh. In addition to the preceding, Ms. Marsh made the following payments during the year: Dental expenses Charitable donations Costs of moving to a larger apartment Tuition fees for work related course (reimbursed) Life insurance premiums Cost of travel to and from place of employment Cost of employment related travel (reimbursed) The dental expenses were not covered by her medical insurance. $1,250 275 2,800 1,100 850 620 4,250 Required: Calculate Ms. Marsh's net employment income for the 2015 taxation year. Provide reasons for omitting items that you have not included in your calculations. Ignore all GST implications. Question 17 (30 Marks) Provide the information required by the following Exercises. A. During 2015, Mr. Shaun Badry is provided with an automobile that is leased by his employer. The monthly payment on this lease is $565, including $65 of HST. During 2015, he drives the car a total of 35,000 kilometers, of which 27,500 are employment related. The car is used by Mr. Badry for a total of 265 days during 2015. When the car is not being used by Mr. Badry, it must be returned to the employer's premises. Calculate Mr. Badry's minimum taxable benefit for the use of the automobile. B. Mr. Alonso Sotomeyer is required by his employer to use his own automobile in the course of his employment. His total automobile costs for the year, including lease costs, are $11,460. To compensate him, his employer pays an annual allowance of $12,000. During 2015, he drove his automobile a total of 48,260 kilometers, of which 19,960 were employment related. What amounts will Mr. Sotomeyer include and deduct from his 2015 employment income related to the use of his automobile? C. Ms. Cheryl Fernandes is a member of a group disability plan sponsored by her employer. The plan provides periodic benefits that compensate for lost employment income. The cost of the plan is shared with her employer. Her share of the cost was $460 in 2014, and $500 in 2015. During 2015, Ms. Fernandes was hospitalized for a period of 2 weeks, resulting in her receiving $7,400 in benefits under the plan. What amount, if any, will Ms. Fernandes include in her 2015 employment income for the disability benefits? D. Several years ago, Mr. Jeremiah Pitt's employer, a publicly traded company, gave him options to purchase 1,500 shares of the employer's stock at a price of $21 per share. At that time, the shares were trading at $20 per share. During July, 2015, Mr. Pitt exercises the options. At this time the shares are trading at $28 per share. In December, 2015, all the shares are sold for $31 per share. Determine the effect of these transactions on both the Net Income For Tax Purposes and Taxable Income of Mr. Pitt. With respect to the registered pension plan, the Company also made a $1,400 contribution on behalf of Ms. Marsh. In addition to the preceding, Ms. Marsh made the following payments during the year: Dental expenses Charitable donations Costs of moving to a larger apartment Tuition fees for work related course (reimbursed) Life insurance premiums Cost of travel to and from place of employment Cost of employment related travel (reimbursed) The dental expenses were not covered by her medical insurance. $1,250 275 2,800 1,100 850 620 4,250 Required: Calculate Ms. Marsh's net employment income for the 2015 taxation year. Provide reasons for omitting items that you have not included in your calculations. Ignore all GST implications. Question 17 (30 Marks) Provide the information required by the following Exercises. A. During 2015, Mr. Shaun Badry is provided with an automobile that is leased by his employer. The monthly payment on this lease is $565, including $65 of HST. During 2015, he drives the car a total of 35,000 kilometers, of which 27,500 are employment related. The car is used by Mr. Badry for a total of 265 days during 2015. When the car is not being used by Mr. Badry, it must be returned to the employer's premises. Calculate Mr. Badry's minimum taxable benefit for the use of the automobile. B. Mr. Alonso Sotomeyer is required by his employer to use his own automobile in the course of his employment. His total automobile costs for the year, including lease costs, are $11,460. To compensate him, his employer pays an annual allowance of $12,000. During 2015, he drove his automobile a total of 48,260 kilometers, of which 19,960 were employment related. What amounts will Mr. Sotomeyer include and deduct from his 2015 employment income related to the use of his automobile? C. Ms. Cheryl Fernandes is a member of a group disability plan sponsored by her employer. The plan provides periodic benefits that compensate for lost employment income. The cost of the plan is shared with her employer. Her share of the cost was $460 in 2014, and $500 in 2015. During 2015, Ms. Fernandes was hospitalized for a period of 2 weeks, resulting in her receiving $7,400 in benefits under the plan. What amount, if any, will Ms. Fernandes include in her 2015 employment income for the disability benefits? D. Several years ago, Mr. Jeremiah Pitt's employer, a publicly traded company, gave him options to purchase 1,500 shares of the employer's stock at a price of $21 per share. At that time, the shares were trading at $20 per share. During July, 2015, Mr. Pitt exercises the options. At this time the shares are trading at $28 per share. In December, 2015, all the shares are sold for $31 per share. Determine the effect of these transactions on both the Net Income For Tax Purposes and Taxable Income of Mr. Pitt.

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A To calculate Mr Badrys minimum taxable benefit for the use of the automobile we need to determine the standby charge and operating expense benefit S... View the full answer