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Layta Hall is a transtator who wosks for a consulting firm in Otawa. Her 2022 salary is $/3,700, from which her employer, a CCPC. withholds maximum CFP contributions and EI premiume. An RPP contribution of $2,640 is also withheld The employer makes a matching contibution. Her employment con pensation does not indude amy commitsion income In addition, her employment contract does not require her to pay lor her own travel expenses or to porform employment Gubies awiy from her employer's place of businesf Employment income Requirement B. Detormine Layla's minimum 2022 taxable income (Round your answern to the noukent whale sollar) Employment income Deductible CPP Net income and taxable income Requirement C. Based on your answer in Requirement B, determine Layla's federat 2022 income taxpayable, (Round your arswers to tha nearest whole dolar) Tax on first 550,197 Tax on remaining taxable income Tax before credits Basic personal amount Spousal Caregiver-Maleia premiums An RPP contribution of $2,640 is also withheld. The employer makes a malching contebution. Her employment compensalinn does not indude ary comminsion liccome In addition, her employment contract does not require her to pay for her own travel expenses or to perfort employment dudet away bicnt her enrghoyers place at tariruess Layla's family Layla's husband, Mike, is the beneficiary of a trust. Mike's mother was extremely wealthy and when she died, she left her estate to a trust for her children and her grandchildren. Mike will eventually inherit much of the estate. As a result, he no longer works and devotes much of his time to volunteer work. His net income for 2022 is $8,400. All of this income is received from the trust. The couple have three children aged 15,20 , and 22 who live with them. The 15-year-old, Benji, is in good health and has 2022 net income of $9,150, all of which is from the trust. The 20-year-old, Maleia, is dependent on her family because of mental health issues. However, she does not qualify for the disability tax credit. Her net income for 2022 is $2,950, all of which is received from the trust. The 22-year-old, Harley, attends university on a full-time basis in Vancouver for eight months of the year. Layla pays his tuition of $11,100, his textbooks cost $1,100, and his residence fees are $7,850. Harley's net income for 2022 is $15,500, all of which is received from the trust. He has agreed to transfer the maximum tuition amount to Layla. 1. To reward Layla for her outstanding work, her employer has awarded her a bonus of $9,900. Of this total, $3,990 will be paid on January 15,2023 , with the remaining $5,910 payable in 2026 . 2. In August 2021, Layla received options to purchase 200 of her employer's shares at a price of $77 per share. At the time the options were granted, the FMV of the shares was $82 per share. In May 2022, when the shares had a FMV of $92 per share, Lydia exercised all of these options. She still owns all of the stock option shares on December 31, 2022. 3. Layla is provided with an automobile by her employer. The automobile was leased on February 1, 2022, at a monthly rate of $568, which includes a monthly payment for insurance of $73. The automobile is driven a total of 35,600 kilometres, 31,700 of which were used for employment purposes and 3,900 for personal use. It was available to her from February 1 to the end of the year. The employer did not provide an automobile during the month of January. 4. In 2022, Layla spent $5,550 on employment-related meals and entertainment with clients of her employer in the immediate vicinity of her employer's business. Her employer reimbursed $3,210 of these costs. It was estimated that the remaining $2,340 of expenses were for Layla's own meals. 5. In 2022, Layla receives several gifts from her employer. - As is the case for all of the company's employees, Layla receives a $110 gift certificate that can be used for merchandise at a local shopping mall. Other Information - In recognition of her 10 years of service, Layla receives a beautiful Visconti fountain pen she has been wanting. The retail value of this pen is $1,030 - At Christmas, all of the company's employees receive a git basket of holiday treats. The retail value of these gift baskets is $190. 6. After years of accumulating savings and living in rental accommodations, Layla and Mike purchase a home. The cost of the home is $376,000 and, to assist with the purchase, Layla's employer provides a $92,000 interest-free loan. The loan was received on May 1,2022, and will have to be repaid on April 30, 2027. Assume the prescribed rate is 2.6% throughout 2022. 7. Because of the nature of her employment, Layla is required to pay annual professional dues of $355, none of which is reimbursed. In 2022, Layla makes a contribution of $1,960 to a registered charity. 8. Layla's employer provides all employees with a private health care plan. It reimburses employees for 50% of all prescriptions, dental, and vision fees for the employee, the employee's spouse, and all children under 18 years of age. The family's 2022 medical expenses, all of which were paid by Layla, were as follows. Layla-Prescriptions Layla-Botox Treatments Other Information 8. Layla's employer provides all employees with a private health care plan. It reimburses employees for 50% of all prescriptions, dental, and vision fees for the employee, the employee's spouse, and all children under 18 years of age. The family's 2022 medical expenses, all of which were paid by Layla, were as follows. Required A. Determine Layla's minimum 2022 net income. B. Determine Layla's minimum 2022 taxable income. C. Based on your answer in Requirement B, determine Layla's federal 2022 income tax payable. Layta Hall is a transtator who wosks for a consulting firm in Otawa. Her 2022 salary is $/3,700, from which her employer, a CCPC. withholds maximum CFP contributions and EI premiume. An RPP contribution of $2,640 is also withheld The employer makes a matching contibution. Her employment con pensation does not indude amy commitsion income In addition, her employment contract does not require her to pay lor her own travel expenses or to porform employment Gubies awiy from her employer's place of businesf Employment income Requirement B. Detormine Layla's minimum 2022 taxable income (Round your answern to the noukent whale sollar) Employment income Deductible CPP Net income and taxable income Requirement C. Based on your answer in Requirement B, determine Layla's federat 2022 income taxpayable, (Round your arswers to tha nearest whole dolar) Tax on first 550,197 Tax on remaining taxable income Tax before credits Basic personal amount Spousal Caregiver-Maleia premiums An RPP contribution of $2,640 is also withheld. The employer makes a malching contebution. Her employment compensalinn does not indude ary comminsion liccome In addition, her employment contract does not require her to pay for her own travel expenses or to perfort employment dudet away bicnt her enrghoyers place at tariruess Layla's family Layla's husband, Mike, is the beneficiary of a trust. Mike's mother was extremely wealthy and when she died, she left her estate to a trust for her children and her grandchildren. Mike will eventually inherit much of the estate. As a result, he no longer works and devotes much of his time to volunteer work. His net income for 2022 is $8,400. All of this income is received from the trust. The couple have three children aged 15,20 , and 22 who live with them. The 15-year-old, Benji, is in good health and has 2022 net income of $9,150, all of which is from the trust. The 20-year-old, Maleia, is dependent on her family because of mental health issues. However, she does not qualify for the disability tax credit. Her net income for 2022 is $2,950, all of which is received from the trust. The 22-year-old, Harley, attends university on a full-time basis in Vancouver for eight months of the year. Layla pays his tuition of $11,100, his textbooks cost $1,100, and his residence fees are $7,850. Harley's net income for 2022 is $15,500, all of which is received from the trust. He has agreed to transfer the maximum tuition amount to Layla. 1. To reward Layla for her outstanding work, her employer has awarded her a bonus of $9,900. Of this total, $3,990 will be paid on January 15,2023 , with the remaining $5,910 payable in 2026 . 2. In August 2021, Layla received options to purchase 200 of her employer's shares at a price of $77 per share. At the time the options were granted, the FMV of the shares was $82 per share. In May 2022, when the shares had a FMV of $92 per share, Lydia exercised all of these options. She still owns all of the stock option shares on December 31, 2022. 3. Layla is provided with an automobile by her employer. The automobile was leased on February 1, 2022, at a monthly rate of $568, which includes a monthly payment for insurance of $73. The automobile is driven a total of 35,600 kilometres, 31,700 of which were used for employment purposes and 3,900 for personal use. It was available to her from February 1 to the end of the year. The employer did not provide an automobile during the month of January. 4. In 2022, Layla spent $5,550 on employment-related meals and entertainment with clients of her employer in the immediate vicinity of her employer's business. Her employer reimbursed $3,210 of these costs. It was estimated that the remaining $2,340 of expenses were for Layla's own meals. 5. In 2022, Layla receives several gifts from her employer. - As is the case for all of the company's employees, Layla receives a $110 gift certificate that can be used for merchandise at a local shopping mall. Other Information - In recognition of her 10 years of service, Layla receives a beautiful Visconti fountain pen she has been wanting. The retail value of this pen is $1,030 - At Christmas, all of the company's employees receive a git basket of holiday treats. The retail value of these gift baskets is $190. 6. After years of accumulating savings and living in rental accommodations, Layla and Mike purchase a home. The cost of the home is $376,000 and, to assist with the purchase, Layla's employer provides a $92,000 interest-free loan. The loan was received on May 1,2022, and will have to be repaid on April 30, 2027. Assume the prescribed rate is 2.6% throughout 2022. 7. Because of the nature of her employment, Layla is required to pay annual professional dues of $355, none of which is reimbursed. In 2022, Layla makes a contribution of $1,960 to a registered charity. 8. Layla's employer provides all employees with a private health care plan. It reimburses employees for 50% of all prescriptions, dental, and vision fees for the employee, the employee's spouse, and all children under 18 years of age. The family's 2022 medical expenses, all of which were paid by Layla, were as follows. Layla-Prescriptions Layla-Botox Treatments Other Information 8. Layla's employer provides all employees with a private health care plan. It reimburses employees for 50% of all prescriptions, dental, and vision fees for the employee, the employee's spouse, and all children under 18 years of age. The family's 2022 medical expenses, all of which were paid by Layla, were as follows. Required A. Determine Layla's minimum 2022 net income. B. Determine Layla's minimum 2022 taxable income. C. Based on your answer in Requirement B, determine Layla's federal 2022 income tax payable

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