Calculate lawrence pensionable taxable amounts

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Question - Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada / Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2019.

Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or EI this pay and will have full deductions.

Regular $2000

Vacation Pay $1000

Group Life - Employer paid Taxable benefit $25

RRSP contribution $150

Coffee Fund $5

Required - Calculate Lawrence's pensionable, insurable and taxable amounts. Then calculate CPP & EI deductions and look up the corresponding federal and provincial tax amounts in the tax tables based on his province, pay frequency and claim codes. Once all deductions have been calculated figure out the net pay.

Reference no: EM132617184

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