Andy Worked for High Speed Bikes Inc

question 3

Essay

Andy worked for High Speed Bikes Inc.from March 1^st to December 31^st during 20x1.He earned a monthly base salary of $4,000,plus 1% commission on all of his sales.During 20x1,Andy's sales totaled $800,000.Andy was required by his employer to pay for his employment expenses.He traveled out of his city most days in order to sell to customers in surrounding towns.He received a monthly allowance of $500 to cover his traveling costs (which has been accurately recognized as 'unreasonable').Andy and his employer each contributed $2,000 to the company's registered pension plan in 20x1
Andy provided you with the following receipts for 20x1:
Andy purchased a new vehicle for work during the year,and drove it a total of 25,000 kms while employed at High Speed Bikes.12,000 of these kilometres were for business.The vehicle cost Andy $32,000 plus GST of 5% and PST of 5%.Work-related interest payments on the car loan totaled $200 per month.
Required:
Calculate Andy's employment income for 20x1 in accordance with Section 3 of the Income Tax Act

Understand the central limit theorem and its relevance to the shape of distributions in large samples.

Distinguish between point estimates and actual population parameters in the context of statistical inference.

Evaluate the significance of the confidence level and its impact on the interpretation of confidence intervals.

Apply statistical methods to compare means and proportions between two populations or samples.

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