Question
Karim works for TMT, a company in Manitoba and is paid $6000 semi-monthly. He contributes 8% of his gross earnings to a Registered Retirement Savings
Karim works for TMT, a company in Manitoba and is paid $6000 semi-monthly. He contributes 8% of his gross earnings to a Registered Retirement Savings Plan each pay. He pays $100 per month for union dues. He also receives a group term life insurance non-cash taxable benefit, which amounts to $4200 annually. His employer also pays for counselling services worth $500 for each month (non-cash). Each pay Karim contributes $15.00 to United Way and has $5.00 deducted each pay for his social club membership. His federal and provincial TDI claim codes are 2 and he will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. This is for the year 2020. Calculate Karim's net pay. Make sure to use the CRA payroll deduction tables to determine federal and provincial income taxes. Use the table titled "Manitoba - Effective January 1, 2020-New Federal Basic Personal Amount" Round to two decimal places and do not include commas (.) or the S sign
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