Reference no: EM132771913
Question - Wyatt Harris worked for RET Co. From March 1st to December 31st during 2020. Wyatt earned a monthly base salary of $4000, plus $8000 commission on sales. Wyatt was required by RET to pay for employment expenses. Wyatt travelled out of the city most days in order to sell to customers in surrounding towns, and received a monthly allowance of $500 to cover travel costs (which has been accurately recognized as 'unreasonable'). Wyatt and RET each contributed $2000 to Wyatt's pension plan in 2020.
Wyatt provided you with the following receipts for 2020:
Gasoline Receipts - $5,200
Repairs and Maintenance - 2,150
Insurance for the year - 1,700
Parking (all employment related) - 600
Interest on automobile loan for the 10 months - 2000
CCA (depreciation for tax purposes) on the automobile - 12,375
Meals with clients - 3200
Purchase of a laptop - 1000
Advertising costs - 800
Phone call charges for business - 1200
Consumable supplies for work - 500
Membership for a golf club - 8000
Wyatt purchased a new vehicle for use for employment at RET. 12,000 of the 25,000 kms driven in 2020 were for business purposes.
Required - Calculate Wyatt's net income from employment, and explain the items you did not use.
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