Acco340MIDREVIEW2008[1]

Acco340MIDREVIEW2008[1] - NET EMPLOYMENT QUESTION The...

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NET EMPLOYMENT QUESTION The following information for 2008 has been presented to you by Susie, the new salesperson for a Peter Productions (a public company ). Susie travels extensively across Canada. Susie began her employment on January 1, 2008 Receipts and Fringe Benefits— 2008 Salary all in commissions — net of payroll deductions. ....................................... ............................................................................................................................... $63,090 Travel allowances (Note 1): Accommodation@ $400 per day for 50 days ........................................................................................................................ 20,000 Meals allowance 10,000 Car operating cost allowance based on @ 25¢ per kilometre plus $10 per day of travelling for business travel only (9,000 kilometres) for 150 days ................................................................................................................. 3,750 Items paid by the corporation: Registered pension plan. ........................................................................................ $ 4,000 Extended health care— Group plan. ...................................................................... 125 Group disability insurance premiums 210 Membership fee in a Montreal business club 1,500 Group term life insurance (coverage is $300,000). ............................................... 600 Loan by company (Note (3) below). ...................................................................... 150,000 $156,435 Payroll deductions and selected disbursements— 2008 Payroll deductions: Income taxes withheld. .......................................................................................... $ 30,000 Registered pension plan (defined benefit) — current contribution. .................................................................................. 4,000 Canada Pension Plan contributions. ....................................................................... 1,880 Employment insurance contributions. ................................................................... 820 Group income protection (disability)premiums . ................................................... 210 $36,910 Purchased 5,000 common shares under a stock option plan at a price of $25 per share. Fair market value of shares at the date of purchase was $35. Fair market value of the shares was $25 per share on the date when the option was granted. ............................................................ 125,000
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This note was uploaded on 01/24/2011 for the course ACCO 330 taught by Professor Mastromonaco during the Fall '10 term at Concordia Canada.

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Acco340MIDREVIEW2008[1] - NET EMPLOYMENT QUESTION The...

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