Calculate lawrences pensionable and insurable

Assignment Help Financial Accounting

Reference no: EM133380085

Case: 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 2022.

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 $2,500
Vacation Pay $500
Group Life - Employer paid Taxable benefit $25
RRSP contribution - Employee deduction $300
Coffee Fund $5

Question: 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: EM133380085

Questions Cloud

What price should faro expect its existing shares to sell : How large a loss in dollar terms will existing FARO shareholders experience on the announcement date, based on studies that show losses are 30% of the size

How might plato and socrates : How might Plato/Socrates describe the difference between seeming to be just and actually, being just?

How can lysogeny turn the normally harmless e. coli : Compare the effects of coagulases, kinases, hyaluronicase, and collagenase. Define and give an example of antigenic variation. How can lysogeny turn

Euthanasia and physician-assisted suicide : Describe the difference between euthanasia and physician-assisted suicide.

Calculate lawrences pensionable and insurable : Calculate Lawrences pensionable, insurable and taxable amounts. Then calculate CPP & EI deductions and look up the corresponding federal

Analyzing plato the allegory of the cave : I'm analyzing Plato's the Allegory of the Cave and I'm trying to understand on how metaphorically I escaped the cave.

How have civil rights evolved : How have Civil Rights evolved? What drives that evolution? What did you learn about Civil Rights? What are two questions that you have about Civil Rights?

What are some of the pros and cons of using this particular : An image of the ingredients label for a common household product that contains one or more chemical disinfectants. (The product itself does not have to be

The Land Ethic by Aldo Leopold : The Land Ethic by Aldo Leopold. Summarize the main ideas being put forward by the author in this selection.

User Account

All Pages