Question
Greg Smith has worked for Johns Hardware Store since 1981. Greg did not belong to any pension plan during his employment. His employment is terminated
Greg Smith has worked for Johns Hardware Store since 1981. Greg did not belong to any pension plan during his employment. His employment is terminated on September 28. Greg has federal and provincial claim codes of 2.
The following amounts are to be included in his final pay: Regular Weekly Salary $1,350.00 Group Term Life Benefit $ 24.50 per month Taxable Car Benefit $3,650.00 annual Vacation Pay $ 235.00 Legislated Wages in Lieu of Notice 6 weeks
Calculate Gregs Net Pay using 9 steps, provided the employee is working in Alberta.
Hints: Non- cash taxable benefit ( Group term life insurance premium)= 24.50 *12/52= %5.65
Wages in lieu of notice= $ 1350* 6=8100
CPP rate= (2021) -5.45% EI rate= (2021)= 1.58% Pay period exemption= 67.30
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