Question
Tim Robinson has worked for Standard Press in Winnipeg for 25 years. Tim is 56 years old and is claiming the basic personal exemption on
Tim Robinson has worked for Standard Press in Winnipeg for 25 years. Tim is 56 years old and is claiming the basic personal exemption on his TD1 forms.
For his 25 years of service, Tim is receiving a $10,000 bonus on his last pay of the year. Tim’s total income up to the end of the 26th pay period is $65,000.00 (26 x $2,500). He has received no other bonus payments in 2017 or had any taxable benefits applied.
Calculate Tim’s separate bonus cheque deductions.
1. Calculate and record the Gross Earnings
2. Calculate and record the Federal Claim Code
3. Calculate and record the Manitoba Claim Code
4. Calculate and record the Employee’s CPP deduction
5. Calculate and record the Employer’s CPP deduction
6. Calculate and record the Employee’s EI deduction
7. Calculate and record the Employer’s EI deduction
8. Calculate and record the Federal Tax deduction
9. Calculate and record the Provincial Tax deduction
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Canadian Income Taxation Planning And Decision Making
Authors: Joan Kitunen, William Buckwold
17th Edition 2014-2015 Version
1259094332, 978-1259094330
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