Monti is employed by PM Co., a public corporation. The following information pertains to the 2021 tax year:1) Monti earned $58,000 from PM Co.2) A cash bonus of $8,000 was announced on December 3rd, to be paid to Monti on January 10th, 2022 byPM Co.3) Monti was provided with a company car for all twelve months of 2021. The cost of the car (includingtaxes) was $32,000. All $8,000 of operating costs were paid by PM Co.. Monti drove the car 21,000 kilometersin 2021. 6,300 kilometers were for personal use.4) Monti and PM each contributed $2,000 towards Monti's registered pension plan.5) In January, Monti was granted a stock option to purchase 1,000 shares in PM Co. at a cost of $8.00 pershare. At that time, the fair market value per share was $9.00. Monti exercised the option in February when themarket value had risen to $9.50 per share6) An annual union due of $400 was deducted from Monti's pay in 2021.7) Monti received a clothing allowance of $200 per month during 2021.REQUIRED:Calculate Monti's minimum employment income for tax purposes for 2021 in accordance with Section 3 of theIncome Tax Act. (Ignore enhanced CPP at this time.)Write your answer (without $ sign and rounded to zero decimal places) in the space provided below.

Cash bonus is taxed in USA at a flat rate of 22% [Federal withholding]as per…

Answered: Monti is employe 1) Monti earnec 2) A…

Business

Accounting

Monti is employe 1) Monti earnec 2) A cash bonu PM Co. 3) Monti was p

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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