Question
Kristine Laremy has worked for Magnex Corp. in Alberta since she turned 21, in August, 2000. Magnex Corp. does not have a pension plan for
Kristine Laremy has worked for Magnex Corp. in Alberta since she turned 21, in August, 2000. Magnex Corp. does not have a pension plan for its employees. Her employment is terminated on October 15, 2019, due to company restructuring. The following amounts are relevant to Kristines final pay:
Regular semi-monthly salary: $3,000.00 (unchanged all year)
Taxable Car Allowance per pay: 100.00
Group term life insurance benefit per pay: $ 23.40
Vacation pay owing: $5,185.38
Wages in lieu of notice: 8 weeks
Retiring allowance: $40,000.00 (ignore for parts a through k)
Kristine has federal and provincial claim codes of 2. Her regular salary, vacation pay and wages in lieu of notice will be paid together; her retiring allowance will be paid separately. Calculate Kristines final payments. Marks will be provided for correctly calculating:
- Gross Earnings
- GPTI
- GIE
- NTI
- CPP
- EI
- IT salary (f)
- IT salary (p)
- IT vac+WIL (f)
- IT vac+WIL (p)
- Net pay (final paycheque)
- Tax on retiring allowance
- Net pay (retiring allowance)
Note 1: Treat the vacation pay and wages-in-lieu payments as a single lump-sum amount, not 2 separate bonus payments.
Note 2: Remember to convert the wages-in-lieu amount ---- 8 weeks is not 4 semi-monthly periods
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