Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a base salary of $56,000 and received sales commissions of $88,200. He did not receive an allowance, nor was he reimbursed by his employer for any of his expenses. During the year, Mr. Joplin has the following employment-related expenses. View the expenses. View the additional information. Required Determine Mr. Joplin's employment income for 2023. Ignore all GST/HST and PST implications. First, calculate the deductible CCA on the automobile used by Mr. Joplin. Enter the employment-related usage proportion as a percentage. Full capital cost allowance Employment-related usage proportion Deductible CCA on automobile Expenses X Additional Information - X Assume that $390 of the client entertainment represented the cost of Mr. Joplin's meals with the remaining amounts attributable to clients. Further assume that all of the client entertainment was incurred while more than 12 consecutive hours away from the municipality where the employer's place of business is located.
Mr. Joplin sells a line of computer software for a company in Western Canada. In 2023, he was paid a base salary of $56,000 and received sales commissions of $88,200. He did not receive an allowance, nor was he reimbursed by his employer for any of his expenses. During the year, Mr. Joplin has the following employment-related expenses. View the expenses. View the additional information. Required Determine Mr. Joplin's employment income for 2023. Ignore all GST/HST and PST implications. First, calculate the deductible CCA on the automobile used by Mr. Joplin. Enter the employment-related usage proportion as a percentage. Full capital cost allowance Employment-related usage proportion Deductible CCA on automobile Expenses X Additional Information - X Assume that $390 of the client entertainment represented the cost of Mr. Joplin's meals with the remaining amounts attributable to clients. Further assume that all of the client entertainment was incurred while more than 12 consecutive hours away from the municipality where the employer's place of business is located.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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