Compute the Olin Net Employment Income for the year

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Reference no: EM132721655

Question - Olin Packett is a CGA-CPA and is employed by a Canadian private corporation. For 2020, his gross salary was $75,000 and the following amounts were withheld from his gross salary:

Federal Income Tax $25,000

Employment Insurance Premiums 856

Canada Pension Plan Contributions 2,732

Registered Pension Plan Contributions 5,000

Charitable contributions (Centraide) 1,000

For 2020 Olin also had the following taxable benefits added to his T4:

Automobile Benefit $17,900

Housing Benefit $36,000

Finally, for 2020 Olin also paid for the following revenues and expenses which were not reimbursed by his employer:

Revenues:

Taxable Capital Gain on sale of shares $50,000

Expenses:

Tuition fees for a business management course ( $2,500)

Professional dues paid to CPA association ( $1,600)

Premiums paid on life insurance policy ( $1,720)

Spousal support paid during the year ($24,000)

Required - Compute Olin's Net Employment Income for the year 2020?

Reference no: EM132721655

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