Question
Asif an employee in Alberta is paid bi-weekly. Each pay the employee receives a base salary of $3,000.00 plus a taxable car allowance of $230.00.
Asif an employee in Alberta is paid bi-weekly. Each pay the employee receives a base salary of $3,000.00 plus a taxable car allowance of $230.00. Employees enjoy a benefit plan that includes employer-paid group term life insurance. Asif has a pay period taxable benefit of $15.84. Asif is a member of the company registered pension plan and contributes 8% of regular salary each pay period. Asif reached the maximum first CPP contribution and EI premium for the current year on the last pay. The current pay will be subject to a second CPP contribution at the current year's rate of 4%. Calculate Asif's net taxable income (CRA) value for the current pay period for 2024 year.
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