Question
Becca Harris works for Shallow Inc. in Lethbridge, Alberta. Becca is going to receive a $5,600.00 performance bonus on her next pay for meeting her
Becca Harris works for Shallow Inc. in Lethbridge, Alberta. Becca is going to receive a $5,600.00 performance bonus on her next pay for meeting her previous year objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque. Becca claims code 1 on her federal and provincial TD1s. Her regular bi-weekly salary is $ 2,000.00 and she has a group term life insurance non-cash taxable benefit of $16.00 per pay. She will not reach the annual maximums for CPP contributions or EI premiums with this payment.
Use this information to answer questions 3-7. Assume 2020 rates.
Calculate Beccas CPP contribution.
Answer:
Calculate Beccas Employment Insurance Premium
Answer:
Using the federal tax tables for an Alberta employee, determine the federal tax to withhold on the entire bonus payment.
Hint: Use the bonus method when calculating income taxes. Look at Example 1 First or once-a-year bonus payment on the Google Doc.
Answer:
Using the provincial tax tables for an Alberta employee, determine the provincial tax to withhold on the entire bonus payment.
Hint: Use the bonus method when calculating income taxes. Look at Example 1 First or once-a-year bonus payment on the Google Doc.
Answer:
Calculate Becca s net bonus payment.
Answer:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started