Question
You will be required to answer the following questions and show your steps for your calculations based on the information from your analysis (you must
You will be required to answer the following questions and show your steps for your calculations based on the information from your analysis (you must show the applicable details for each question; for example, YMPE = $, YBE = $, Contribution Rate = %): (2 marks each). Assume the year is 2021.
a) Hannah who just turned 27 works for Marker Industries and makes an annual income of $49,700. Calculate total employee and employer contributions.
b) Miguel has been employed with Planters Inc. since 2008. He earned a salary of $88,000 this year. Calculate total employer and employee contributions.
c) Sara's dad had hired her to work part-time for his business while she was in grade 9. He had her doing some filing and answering phones over the summer and paid her $18,500. Calculate total employee and employer contributions.
d) Qui had just turned 18 and made $2,495 while going to school. Calculate total employee and employer contributions.
e) Franco is self-employed and made an income of $345,000 this year. Calculate both the employer and employee contribution.
f) Renee has a retirement income of $77,500. Calculate his annual OAS clawback amount.
g) Mohammed has a retirement income of $157,000. Calculate his annual clawback amount.
h) Dave has a retirement income of $29,800. Calculate his annual clawback amount.
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