Ms. Shirley Temple Case Study Assignment

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Ms. Shirley Temple Case Study Assignment

Ms. Shirley Temple moved to Saskatchewan on January 1, 2014, to commence work for Northern Star Ltd (NSL) as a sales consultant. Calculate Ms. Temple’s minimum Net Employment income for the year ending December 31, 2017. The following information is given regarding Ms. Temple’s Employment.

$76,387 Ms. Temple’s gross salary for the year ending December 31, 2017

$3,446 Commission income during 2017 (not included in the above gross salary

$9,380 Bonus Income (received 80% of this bonus in 2017, the remainder was paid in 2018)

Ms. Temple’s employer withheld the following amounts from the income listed above:

$19,958 Federal Income Tax Withheld at Source

$2,564 CPP Contributions Withheld at Source

$836 EI Insurance Premiums Withheld at Source

$3,992 Employee’s RPP Contributions

$326 Employee’s Annual Contributions to Group Disability Plan

$798 Employee’s Reimbursement to the employer for use of vehicle

$3,992 Ms. Temple’s employer also made a matching contribution to the RPP

$200 The employer contributed annually to the Group Disability plan for Ms. Temple.

$1,458 The employer paid for a Life Insurance policy for Ms. Temple

Additional Information: `

During the year Ms.Temple is provided with an automobile from her employer.

$36,928 The car was purchased on January 1, 2017 (the cost includes GST and PST).

$5,820 The total operating costs of the vehicle were paid by the employer.

11 Months the car was available to Ms. Temple during 2017.

49,283 Number of Kilometer that Ms. Temple drove the vehicle during 2017

34,163 Number of Kilometer that Ms. Temple drove the vehicle for employment purposes in 2017.

 

Ms. Temple’s employer required her to purchase a laptop computer to complete her employment duties.

The purchase cost of laptop: $1,849

 

Ms. Temple was in an accident in 2017 and was unable to work for 2 months. The group disability plan provided paid her monthly payments of $676 Ms. Temple has been a member of the plan since he started with the company

 

NSL provided and paid for all of their employees with financial counseling services to learn to invest their savings. Ms. Temple attended 3 sessions with the counselor for a total cost of $581

 

Ms. Temple was experiencing some financial difficulties and NSL agreed to provide her with a loan:

A loan was received on January 1, 2017, which required the payment of $500 principal payment at the end of each year and the payment of loan interest on December 31. Ms. Temple paid as required by the loan agreement.

$2,600 Amount of Loan

2% Interest Rate per year on the loan agreement

8% Prescribed Interest Rate per year for Quarter 1 & Quarter 2

4% Prescribed Interest Rate per year for Quarter 3 & Quarter 4

 

As a salesperson, Ms. Temple is required to pay for her own expenses (which were not reimbursed by her employer) In addition, Ms. Temple has a home office that she uses exclusively to meet clients on a regular basis

She has summarized the following expenses that relate to her employment:

a) Hotel (while travelling for company business) $1,673

Meals incurred while travelling $1,933

Advertising and Promotion $1,133

Entertaining Clients $830

 

b) Home Insurance $1,373

Home Utilities $2,231

Property Taxes $4,356

Mortgage Interest $18,376

Roof Repair $4,235

Total Square Footage of Home: 1,800 T

otal Square Footage of Home Office: 232