EmploymentIncome

EmploymentIncome - ASSIGNMENT PROBLEM EMPLOYMENT INCOME...

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ASSIGNMENT PROBLEM EMPLOYMENT INCOME Siobhan graduated from university in May of 20X9 with an MBA degree. On July 1, 20X9, she became an employed sales representative with a large national organization, which located her in Winnipeg. She has come to you for assistance in preparing her personal tax return for 20X9. You have obtained the following information: (a) Siobhan received the following from her employer during 20X9: (i) Salary — $45,000 (ii) A fixed allowance of $200 per month for promotional expenses. These expenses amounted to $2,000 in the year, and were incurred by Siobhan while meeting business associates. (iii) A $1,000 award as she was voted most significant new contributor to the company in the year. (b) The employer provided Siobhan with an automobile exclusively for her husband’s personal use. Their mileage records indicate that he drove the car 14,000km for personal purposes during 20X9. The car cost $16,000 when purchased by the company two years ago. Its fair market value on July 1, 20X9 was $10,000. Siobhan paid the
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

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EmploymentIncome - ASSIGNMENT PROBLEM EMPLOYMENT INCOME...

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