Question
An employee earns $70,000 per year and is paid on a Bi weekly pay schedule. The employee enjoys the benefit of a company paid cell
An employee earns $70,000 per year and is paid on a Bi weekly pay schedule. The employee enjoys the benefit of a company paid cell phone for personal use (cost is $200 per month) and receives 6% vacation pay on each payment. This pay cycle included 15 hours of approved overtime worked over the normal 40 hour work week and a reimbursement for travel expenses in the amount of $534.20. The employee contributes 5% of their regular wages to a Registered Retirement Savings Plan each pay cycle.
1. Calculate the Gross Earnings.
2. Calculate the Pensionable Earnings.
3. Calculate the Insurable Earnings.
4. Calculate the Net Taxable Earnings.
5. federal tax and provincial tax and total tax
5. Calculate the Net Earnings..
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