PROBLEM ONE Marvin Combs is 43 years old and is employed by a Canadian public company. His annual salary is $112,468, none of which is commissions. Because of his outstanding work during 2022, he has been awarded a $20,000 bonus. The bonus will be paid in 2030 and 2031 at the rate of $10,000 each year to help ensure he stays with the Company. As Marvin expects to remain at the Company for the rest of his working life, he accepts the delayed payment.

In 2022, his employer withheld professional association dues of $3,400. Other Information:

1. Marvin is provided with an automobile by his employer. The automobile is used largely for employment purposes. Total kilometers driven in 2022 was 62,000 kilometers, with 58,000 for employment purposes and 4,000 for personal use. The automobile is leased by the employer for $456 per month which includes $43 for insurance. The automobile is available to Marvin for 10 months in 2022.

3. During 2022, Marvin receives several gifts from his employer: As a reward for winning the company's Employee of the Month Award, he receives an expense paid weekend in a local hotel. The regular price for this package was $1,200. As is the case for all of the company's employees, Marvin received a $600 gift certificate for merchandise at a local department store. At Christmas, the company provides each employee with a basket of gourmet food. The value of this basket is $450.

4. In 2022, Marvin spent $8,400 on meals and entertainment with clients of his employer. His employer reimbursed all but $1,000 of these costs.

5. In 2022, Marvin needed a loan for an emergency procedure for his wife. first. Consistent with company policy he requests and receives an interest free loan of $200,000 to assist with this payment. The loan was received on April 1, 2022. Assume that the prescribed interest rate on employee loans is 2% throughout all of 2022.

Required: A. Determine Marvins minimum employment income and net income for 2022.