Question
Nicole works for Dynamic Collectables in Alberta and earns an annual salary of $40,000.00 paid on a semi-monthly basis. The company provides its employees with
Nicole works for Dynamic Collectables in Alberta and earns an annual salary of $40,000.00 paid on a semi-monthly basis. The company provides its employees with group term life insurance coverage of two times annual salary and pays a monthly premium of $0.42 per $1,000.00 of coverage. Nicole uses her car for company business and receives a taxable car allowance of $40.00 per pay. The company has a defined contribution pension plan to which Nicole contributes 4% of her salary each pay. Each pay Nicole contributes $15.00 to United Way and has $2.00 deducted for her social club membership. She also belongs to the union and pays 3% of her salary in union dues per pay period. Nicole's federal and provincial TD1 claim codes are 2. She will not reach the Canada Pension Plan or Employment Insurance annual maximums this pay period. Calculate her net pay?
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