Question
Sarah Michaud works for Affordable Transport in Quebec and earns an annual salary of $50,500.00 paid on a weekly basis. In addition to her regular
Sarah Michaud works for Affordable Transport in Quebec and earns an annual salary of $50,500.00 paid on a weekly basis. In addition to her regular salary, Sarah's employer provides group term life insurance coverage through a third party of two times her annual salary. The monthly group term life insurance premiums are $0.57 per $1,000.00 of coverage, excluding taxes. Her employer also provides private health insurance benefits with a monthly premium of $270.00, excluding taxes. The tax on insurance premiums in Quebec is 9%. Her federal TD 1 claim code is 2 and her provincial TP-1015.3-V deduction code is B. Sarah will not reach the Quebec Pension Plan, Employment Insurance or Quebec Parental Insurance Plan annual maximums this pay period.
Calculate the employee's net pay, following the order of the steps in the net pay template.
Gross Taxable Earnings (GTE) | |
Pensionable Earnings (PE) | $ |
Insurable Earnings (IE) | $ |
Net Taxable Income (CRA) (NTI) | $ |
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