Question
Rocky is Alberta based employee. His yearly salary is $65,000 and he gets his pay on bi-weekly basis. His Federal and provincial TD1 claim code
Rocky is Alberta based employee. His yearly salary is $65,000 and he gets his pay on bi-weekly basis. His Federal and provincial TD1 claim code are 3. His employer pays him $0.87/KM milage that he drives his car. In the last two weeks he drove 680 KM in total. His employer also offers Group Term Life Insurance which is fully covered by employer and the monthly rate of premium is $0.55 per $1000 salary. Rocky also contributes $100 towards RRSP in every payroll. CRA has issued a 30% of net pay after statutory deduction garnishment order as well. Under this scenario calculate Rocky's net pay. You must have to show all necessary calculation including these elements to get full marks.
1) Gross Pay
2) Gross Earning
3) CPP contribution amount
4) Enhanced CPP
5) EI Premium
6) Amount of Garnishment
7) Net pay
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