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Determine laura total income tax deduction per pay period

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Reference no: EM133028175

Question - Laura works for Downy Corporation in Alberta and earns an annual salary of $40,000.00 paid on a monthly basis. She receives a $80.00 car allowance each pay. The company pays 100% of group term life insurance premiums for its employees as a non-cash taxable benefit which for Laura's is $19.00 per pay period. Laura is a member of the company's registered pension plan and contributes 5% of her salary to the plan every pay. Her federal and Alberta TD1 claim codes are 3. Determine Laura's total income tax deduction per pay period.

Net taxable income equals:

A-earnings plus taxable benefits plus Registered Retirement Savings Plan contributions

B-earnings less taxable benefits less Registered Retirement Savings Plan contributions

C-earnings plus taxable benefits less Registered Retirement Savings Plan contributions

D-earnings less taxable benefits plus Registered Retirement Savings Plan contributions

Reference no: EM133028175

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