You are employed as a sales representative throughout 2020, with a salary of $275,000plus a commission on all your sales. Your commissions income in 2020 is $55,000. Theemployer reimburses you for your hotel, meals, and airline costs. Advertising andpromotion expenses are your expense as the employer will not provide an allowance orreimbursement for these expenses.You use your own car for work. You receive an allowance for using your own car of$1,500 each month. The ending balance UCC of Class 10 is $16,000 on December 31,2019.You estimate that for 2020 the total costs associated with driving your car wilIl be:Operating CostsFinancing CostsTotal$10,6001,800$12,400Other Information1. Your employment related expenses are:Travel Costs (Hotel And Airline Costs)Travel Costs (Meals)Advertising And Promotion$18,0008,50023,0002. You drive the car a total of 53,000 kilometers during 2020, with 37,000 kilometers ofthese related to work.3. You have a group disability insurance plan and the company pays all of thepremiums. The plan provides periodic benefits that compensate for lost employmentincome. This costs the employer $4,500 per year.4. The employer provides a $1,000,000 life insurance policy for you. The premiums paidby the employer cost $3,800 each year.Required:Calculate your 2020 net employment income. Part 1 (ITA 3)Division B Net Income to Division C Taxable Income to Taxes Payable for IndividualsITA 3(a)+ Bin # 1- Net Employment - losses carry forward 20 years and carry back 3 years (carrying baskets)+ Bin # 2 - Net Business & Property – losses carry forward 20 years and carry back 3 years (carrying baskets)+ Bin # 4 - Other IncomeITA 3 (b)+ Bin # 3Net Capital – losses carry forward for infinity and carry back 3 years (carrying basket)ITA 3 (c)Bin # 5 - Other Deductions= Sources of IncomeITА З (d)Losses in current year from Bins 1, 2, 4= Division B Net IncomeEquivalent to Capital Gains Deduction for Employee Stock OptionsITA 110Payments included to calculation Division B but not included for Division C (e.g. social assistance)Losses from other years (carrying baskets Bin #1 & 2)ΙΤΑ 111Losses from other years (carrying basket Bin #3 limited to Net Capital Income included in ITA 3 (b))= Division C Taxable Incomex Applicable Tax RatesΙΤΑ 118Tax Credits= Division E Taxes Payable for Individuals

Particulars Amount Income Salary $2,75,000.00 Add: Commission on sales $55,000.00…

You are employed as a sales representative throughout 2020, with plus a commission on all your sales. Your commissions income in employer reimburses you for your hotel, meals, and airline costs. A promotion expenses are your expense as the employer will not pro reimbursement for these expenses. You use your own car for work. You receive an allowance for using $1,500 each month. The ending balance UCC of Class 10 is $16,0 2019.You estimate that for 2020 the total costs associated with driv Operating Costs Financing Costs Total $10,600 1,800 $12,400

You are employed as a sales representative throughout 2020, with plus a commission on all your sales. Your commissions income in employer reimburses you for your hotel, meals, and airline costs. A promotion expenses are your expense as the employer will not pro reimbursement for these expenses. You use your own car for work. You receive an allowance for using $1,500 each month. The ending balance UCC of Class 10 is $16,0 2019.You estimate that for 2020 the total costs associated with driv Operating Costs Financing Costs Total $10,600 1,800 $12,400

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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Give me correct answer with explanation.h