Question: On January 1 2 , 2 0 2 4 , Kal Penn a professional engineer, moved from Toronto to Kingston to begin employment with Carden
On January Kal Penn a professional engineer, moved from Toronto to Kingston to begin employment with Carden Ltd a large public corporation. Because of his new employment contract, Jackson requires assistance in determining his employment income for tax purposes. He has provided the following financial information: His salary is $ From this, Camden deducted the appropriate income tax, Employment Insurance premiums of $ Canada Pension Plan contributions of $ registered pension plan payments of $ and charitable donations of Camden provides its executives with a bonus plan. Kal's bonus was $ of which $ was received in December In November, Kal asked his employer to loan him $ so that he could acquire an investment. Camden advised him that it was company policy not to make loans to employees. However, they gave him the $ stipulating that it was an advance against his salary, which would be reduced accordingly Kal is provided with a company car, which he drove km for employment duties and km for personal use. The car is leased at $ per month. Camden paid the total operating costs of $ The car was available for personal use Kal's moving expenses to transport his belongings to Edmonton were $ Camden paid this cost directly to a moving company on Desmond's behalf Kal travels extensively for Camden. In December, he and his spouse used some of the travel points he had accumulated from this travel to attend his father's funeral in Montreal. As a result, he saved the normal airfare of $ per ticket Camden pays the following additional amounts for Kal:a $ for Allowance $ per month for acquiring executive apparel ex suits, ties, dress shirtsb $ for Investment counselor fees as part of Camden's counseling programc. $ for Golf club duesd. $ for Dues to the engineers associatione. $ for Laptop computer and printerf. $ for Computer supplies paper etc.g Camden has asked each senior executive to acquire a laptop computer and related supplies at their own expense for work during travel Kal sold shares of Evert Inc. his former employer at $ per share. Evert is a Canadiancontrolled private corporation.The shares were purchased under a stockoption plan in at $ per share. The appraised value at that time was $ per share What amount of Salary will affect Employment Income? What amount of Bonus will affect Employment Income? What amount of Canada Pension Plan CPP will affect Employment Income? What amount of Employment Insurance EI will affect Employment Income? What amount of Registered Pension Plan RPP will affect Employment Income? What amount of Donations will affect Employment Income? What amount of Loan Benefit will affect Employment Income? What amount of Loan Benefit will affect Employment Income? What amount of the automobile's Standby Charge Benefit will affect Employment Income? What amount of the automobile's Operating Cost Benefit will affect Employment Income? What amount of Moving Expenses will affect Employment Income? What amount of Airfare ExpensesTravel Points Benefit will affect Employment Income? What amount of Clothing Allowance will affect Employment Income? What amount of Investor Counselor Fees will affect Employment Income? What amount of Golf Club Dues will affect Employment Income? What amount of Engineering Dues will affect Employment Income? What amount of Laptop On January Kal Penn a professional engineer, moved from Toronto to Kingston to begin employment with Carden Ltd a large public corporation. Because of his new employment contract, Jackson requires assistance in determining his employment income for tax purposes. He has provided the following financial information: His salary is $ From this, Camden deducted the appropriate income tax, Employment Insurance premiums of $ Canada Pension Plan contributions of $ registered pension plan payments of $ and charitable donations of Camden provides its executives with a bonus plan. Kal's bonus was $ of which $ was received in December In November, Kal asked his employer to loan him $ so that he could acquire an investment. Camden advised him that it was company policy not to make loans to employees. However, they gave him the $ stipulating that it was an advance against his salary, which would be reduced accordingly Kal is provided with a company car, which he drove km for employment duties and km for personal use. The car is leased at $ per month. Camden paid the total operating costs of $ The car was available for personal use Kal's moving expenses to transport his belongings to Edmonton were $ Camden paid this cost directly to a moving company on Desmond's behalf Kal travels extensively for Camden. In December, he and his spouse used some of the travel points he had accumulated from this travel to attend his father's funeral in Montreal. As a result, he saved the normal airfare of $ per ticket Camden pays the following additional amounts for Kal:a $ for Allowance $ per month for acquiring executive apparel ex suits, ties, dress shirtsb $ for Investment counselor fees as part of Camden's counseling programc. $ for Golf club duesd. $ for Dues to the engineers associatione. $ for Laptop computer and printerf. $ for Computer supplies paper etc.g Camden has asked each senior executive to acquire a laptop computer and related supplies at their own expense for work during travel Kal sold shares of Evert Inc. his former employer at $ per share. Evert is a Canadiancontrolled private corporation.The shares were purchased under a stockoption plan in at $ per share. The appraised value at that time was $ per share What amount of Salary will affect Employment Income? What amount of Bonus will affect Employment Income? What amount of Canada Pension Plan CPP will affect Employment Income? What amount of Employment Insurance EI will affect Employment Income? What amount of Registered Pension Plan RPP will affect Employment Income? What amount of Donations will affect Employment Income? What amount of Loan Benefit will affect Employment Income? What amount of Loan Benefit will affect Employment Income? What amount of the automobile's Standby Charge Benefit will affect Employment Income? What amount of the automobile's Operating Cost Benefit will affect Employment Income? What amount of Moving Expenses will affect Employment Income? What amount of Airfare ExpensesTravel Points Benefit will affect Employment Income? What amount of Clothing Allowance will affect Employment Income? What amount of Investor Counselor Fees will affect Employment Income? What amount of Golf Club Dues will affect Employment Income? What amount of Engineering Dues will affect Employment Income? What amount of Laptop
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