Question: Sue is an engineer who needs your help calculating her net employment income. She provides you with a copy of her pay stub for the
Sue is an engineer who needs your help calculating her net employment income. She provides
you with a copy of her pay stub for the current year:
Gross Salary $
Payroll deductions:
CPP $
EI
Income tax
RPP contribution
Net Pay$
Sue earned a bonus of $ in the current year. $ was received in the current year and the remainder will be received in the following tax year.
Sues employer paid the following on behalf of Sue:
Alberta Blue Cross private health care premiums: $
Sunlife life insurance premiums: $
Microsoft Surface Computer for exceeding her sales targets cost $ including taxes
Reimbursed cost of supplies Sue purchased for use on the job: $
Professional clothing allowance: $for the year
On July of the current year. Her employer provides her with an interestfree loan amount of $ The loan is to be repaid in two years. The prescribed rate for was Q & Q Q was Q was
Her employer provides her with a leased car. The annual lease payments were $ including $ for annual insurance. Sue drove the car kilometres, which were kilometres for personal purposes. The car was available for Sue for the entire year.
Sue incurred the following costs in the year: Professional dues: $
Required:
Calculate net employment income for Sue.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
