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In 2022, XYZ Ltd, a British Columbia employer, awards Terry Reid a 42 yr old accounting technician, $3,000.00 bonus that will be paid out together
In 2022, XYZ Ltd, a British Columbia employer, awards Terry Reid a 42 yr old accounting technician, $3,000.00 bonus that will be paid out together with her semi-monthly salary of $2,000.00. Terry will not reach the annual CPP maximum contribution with this payment. What is Terrys CPP contribution? (Make sure you round to the nearest cent).
Hint: The amount of Terrys gross pensionable/taxable income is required to manually calculate her CPP contributions. Since the bonus is included with regular pay, calculate CPP as you would normally.
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