Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help Calculate net pay for an employee residing and working in Quebec who has regular earnings and taxable benefits. Use the Payroll template below:
Please help
Calculate net pay for an employee residing and working in Quebec who has regular earnings and taxable benefits. Use the Payroll template below:
- Marc Potvin is an accounts payable administrator
- As part of the 100% employer-paid benefit package, Marc has group Term Life Insurance Coverage worth two times his annual salary. The company for a large retail clothing chain in Qubec. He earns $33,000.00 annually, paid bi-weekly. Marcs TD1 claim code is 1 and his TP1015.3-V deduction code is A.pays $0.85 per $1,000 for the group Term Life Insurance Coverage.
- Each administrative staff member receives an employer-paid parking spot at head office, located in downtown Montral, where the fair market value of parking in the vicinity is $250.00 per month, plus goods and services tax (GST), which is calculated at a rate of 5% on the selling price; and the Qubec sales tax (QST), which is calculated at a rate of 9.975% on the selling price excluding the GST. Parking benefits are assessed on a pay period basis.
- Marc receives a taxable car allowance of $75.00 per pay for using his own automobile for Business purposes.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started