Calculate simone semi-monthly taxable benefit

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Simone works for Successful Business Inc. in Québec and earns an annual salary of $30,500.00 paid on a semi-monthly basis. In addition to her regular salary, Simone'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 $0.48 per $1,000.00 of coverage, excluding taxes. Her employer also provides private health insurance benefits with a monthly premium of $260.00, excluding taxes. The tax on insurance premiums in Québec is 9%. Her federal TD1 claim code is 2 and her provincial TP-1015.3-V deduction code is B. Simone will not reach the Québec Pension Plan, Employment Insurance or Québec Parental Insurance Plan annual maximums this pay period.

Problem 1: Calculate the employee's net pay.

Problem 2: Calculate Simone's semi-monthly taxable benefit

Reference no: EM132793369

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