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a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB.
a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or EI this pay and will have full deductions. i) Regular $2,500ii) Vacation Pay $500iii) Group Life – Employer paid Taxable benefit $25iv) RRSP contribution – Employee deduction $300v) Coffee Fund $5Calculate Lawrence’s pensionable, insurable and taxable amounts. Then calculate CPP & EI deductions and look up the corresponding federal and provincial tax amounts in the tax tables based on his province, pay frequency and claim codes. Once all deductions have been calculated figure out the net pay.
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