Wyatt Harris Worked for RET Co Wyatt Purchased a New Vehicle to Use for Employment at 31^st

question 5

Essay

Wyatt Harris worked for RET Co.from March 1^st to December 31^st during 2020.Wyatt earned a monthly base salary of $4,000, plus 1% commission on sales.During 2020, Wyatt's sales totaled $800,000.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 $2,000 to Wyatt's registered pension plan in 2020.
Wyatt provided you with the following receipts for 2020:
$\begin{array}{|l|r|}\hline \text { Gasoline receipts related only to employment } & \$ 5,200 \\\hline \text { Meals with clients } & 3,200 \\\hline \text { Purchase of a laptop } & 1,000 \\\hline \text { Advertising costs } & 800 \\\hline \text { Phone call charges for business } & 1,200 \\\hline \text { Consumable supplies for work } & 500 \\\hline \text { Membership to a local golf club } & 8,000 \\\hline\end{array}$
Wyatt purchased a new vehicle to use for employment at RET.12,000 of the 25,000 kms driven in 2020 were for business purposes.The vehicle cost Wyatt $32,000 plus HST of 11%.Work-related interest payments on the car loan totaled $200 per month.
Required:
Calculate Wyatt's minimum employment net income for tax purposes for 2020 in accordance with Section 3 of the Income Tax Act.

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Definitions:

Curative Solutions

Implies strategies or interventions designed to address and rectify problems, typically within a healthcare, organizational, or social context.

Workplace Stress

The physical and emotional strain that arises from job-related pressures, potentially impacting an individual's health and well-being.

Top Management

The highest level of management in an organization, responsible for setting strategic goals, making crucial decisions, and overseeing the overall operation of the company.

Health and Safety Policies

Regulations and procedures implemented by an organization to protect the well-being and safety of its employees.