Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Helen works for Jefferson Movers in Alberta and earns an annual salary of $ 4 2 , 5 7 0 . 0 0 paid on

Helen works for Jefferson Movers in Alberta and earns an annual salary of $42,570.00 paid on a weekly basis. She contributes 2% of her gross earnings to a Registered Retirement Savings Plan each pay. Helen pays $30.00 weekly for union dues and receives a group term life insurance non-cash taxable benefit of $21.00 each pay. Her federal and provincial TD1 claim codes are 1 and she will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Calculate Helens net pay, following the steps in the payroll calculation template.
Calculation of Net Pay:
Pensionable Earnings (PE)
Insurable Earnings (IE)
Net Taxable Income (CRA)(NTI)
Net Taxable Income (RQ)(NTI)
Statutory Deductions
C/QPP Contribution
EI Premium
QPIP Premium
Income Tax (Federal)
Income tax (Provincial)
Other Deductions
Union Dues
Registered pension plan (RPP)
Employee-paid benefit plan Premium (e.g. dental)
Registered Retirement Savings Plan (RRSP) contribution
Charitable Donation
Social Club
Total Deductions
Net Pay

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Auditing and Other Assurance Services

Authors: Ray Whittington, Kurt Pany

20th edition

77729145, 978-1259295430, 1259295435, 978-0077729141

More Books

Students also viewed these Accounting questions

Question

List the activities involved in employer-designed HRD programs

Answered: 1 week ago