Question
I NEED THIS FAST PLEASE:) This is worth a lot of marks. Please Fast Problem Solving Gerry and his wife Mary have a family of
I NEED THIS FAST PLEASE:) This is worth a lot of marks. Please Fast
- Problem Solving Gerry and his wife Mary have a family of 3 kids one under the age of 6, one who is 9 and one who is 18. Gerry owns his own business making wood cravings and brought in a net income of $30,000 in 2021. Mary works at the hospital in a pensionable and insurable job as a nurse and has a net income of $75,000. Calculate how much CPP and EI would be deducted from their annual income at the end of the year. In addition, calculate how much CCB the family would be entitled for 2022. (10 marks)
- Using the information above create a pay stub on pay week 13 of the year and a T4 for the end of 2021 for Mary. Some additional information that is needed to help complete these financial documents can be found below.
- Mary receives equal payments every two weeks.
- Her CPP and EI are divided equally over each pay (HINT therefore the rate may be less as the deductions are spread out).
- Mary also has had $13,723.59 of income tax deducted over the course of the year.
- Through her work she also has a RRSP that both the company and her each pay 3% of her income into the plan yearly. Her portion is deducted from her biweekly equally.
- She also pays ONA a total $300 for her union dues which is deducted from her pay equally.
(15 marks for T4 and 15 marks for pay stub)
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