Ms. Mariam Tax is employed as an internal auditor of Uncle Stan's Enterprises Limited, a Canadian-controlled private corporation. She is provided with a car owned by the corporation to allow her to travel to the various plants and offices of the firm. An amount is withheld from her salary for the personal use of the car, which amounts to 30% of the 30,000 total kilometres driven in the year. On her auditing trips, she is away for a minimum of five days. Ms. Tax is considered to be a “key employee” and receives various benefits, including stock options.

Net salary					$84,746
Withholding by employer from salary
		Income tax		$42,000
		Registered Pension Plan		8,400
		Canada Pension Plan		2,749
		Employment Insurance		860
		Group term life insurance		750
		Group disability insurance (40% of total premium)		400
		Payment for personal use of company car		2,100	57,259
Total salary					$142,005
Travel allowance paid by employer					$ 8,100
Book value of company-owned automobile					31,280
	(original capital cost in November 2018 of $36,160 (including HST); capital cost allowance claimed by company in 2019 of $7,650; operating costs paid by employer for 2019 of $9,575, including HST)
Employer contributions
		Group term life insurance policy Premium		450
		Liberty Health extended medical insurance premium		900
		Registered Pension Plan		8,400
Fees paid by company for University of Waterloo correspondence course in philosophy taken on Ms. Tax's own initiative on her own time					950
Premium paid by Ms. Tax on personal whole life insurance policy					500
Membership fees paid by Ms. Tax to athletic club					900
Birthday gift paid in cash under company policy and deducted by employer					200
Premium paid by Ms. Tax for Liberty Health private dental insurance					500
Dues paid by Ms. Tax to the Institute of Internal Auditors, a professional body recognized by legal statute					450
Bonus payable on December 31, 2019 but not paid to Ms. Tax until January 2020					4,000
Expenses paid by company for Ms. Tax's husband who accompanied her on an auditing trip to Moosonee					2,050

Ms. tax. presents you with a shopping bag full of receipts and notes written on scraps of paper from which you develop the following information for the year 2019.

Required: 

Determine the amount of Ms. Tax's income from employment for 2019. Show all aspects of the required calculations, whether or not necessary to the final answer.

Answer rating: 100% (QA)

Statement of Salary of MsTax for the year 2016 in Dollars Particulars Amount Amount Basic Salary 141... View the full answer