Once yоu оpen the test yоu hаve 50 minutes to complete it. (Most people tаke аround 15-20 minutes.) As usual, you may take the test up to THREE times. If you complete the test more than once the highest score is the one that counts. Good luck!
Yоu аre emplоyed with the Cоokie Compаny Ltd., а public company. Information regarding your employment is provided below. For all answers, enter as follows: If there is a tax impact, enter the amount you will add If there is no tax impact, enter "0". If an amount reduces net employment income, ENTER AS A NEGATIVE. Do not enter commas or dollar signs in your answer. 1. In order to help you with the purchase of your new home, the cookie company provided you with a $50,000, 0.5% housing loan. The funds are provided to you February 1, 2025. Assume that the prescribed rate for all of 2025 is 1 percent. Use the number months to calculate the low interest loan benefit. Round your answer to 2 decimal places. _______ 2. You earned a salary of $90,000. _______ 3. Your company withheld $28,000 Income Taxes from your salary: _______ 3. Your company withheld $4,034 CPP your salary: _______ 3. Your company withheld $1,077 EI from your salary: _______ 3. Your company withheld $2,500 Registered Pension Plan Contributions (RPP) from your salary: _______ 4. The Cookie Company contributed $2,100 on your behalf to the Company's RPP. _______ 5. The Cookie Company provides life insurance coverage to all of its employees. The premiums paid by the company on your behalf cost $350 for the year. _______ The Cookie Company provides you with a vehicle that you use for employment purposes for the full year. The company pays all operating and maintenance costs, a total of $1,100 during the year. Details of the vehicle and kilometers driven are below. Total km driven 30,000 Personal km driven 12,000 Cost of car (including GST and PST) 40,000 Calculate the following and enter your answers in the correct order: Blank 1: Calculate the standby charge or reduced standby charge if applicable Blank 2: Calculate the operating cost benefit Round all answers to 2 decimal places. _______ _______