gross pay - income earned before any deductions salary - monthly or annual hourly - regular and...
TRANSCRIPT
![Page 1: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/1.jpg)
![Page 2: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/2.jpg)
Gross Pay - income earned before any deductions
Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item Commission - percentage of sales
![Page 3: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/3.jpg)
Deductions - money taken directly from your gross pay
Employee Benefits Employment Insurance (EI) Canadian Pension Plan (CPP) Other - union, insurance ( health, life,
dental), … Taxes
Federal Provincial
![Page 4: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/4.jpg)
Net Pay - income after deductions, often call “take-home” pay.
Gross Pay - Deductions = Net Pay
![Page 5: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/5.jpg)
- benefit from which you may collect should you become unemployed
- paid by both the employee at 1.83%, and the employer at 2.562% (1.4 times more)
- in 2011, the maximum annual contribution is $ 839.97.
![Page 6: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/6.jpg)
Yearly EI = 1.78% ( gross yearly pay ) up to $ 786.76
= 0.0178 ( gross yearly pay )
![Page 7: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/7.jpg)
designed to provide income for people who retire, need death benefits, or are severally disabled employees
every working person between the ages of 18 and 70 is required to contribute 4.95% of their annual earnings to the CPP, their employer is required to contribute an equal amount
any worker will not pay into the CPP on their first $ 3500 earned, called the basic exemption
in 2011, the maximum annual contribution is $_______.
![Page 8: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/8.jpg)
Yearly CPP = 4.95% (gross yearly pay - basic exemption) up to $_______
= 0.0495 ( gross yearly pay - 3500)
![Page 9: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/9.jpg)
Any worker will not be taxed federally on their first $_____ earned annually. This is called the basic federal exemption. The remainder of a person’s earnings are taxed on a step-scale starting at 15% to fund national programs. There is no limit upon the federal taxes you could pay.
![Page 10: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/10.jpg)
Federal Tax = 15% ( gross yearly pay – EI – CPP - basic exemption)
in the first bracket
![Page 11: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/11.jpg)
Any worker will not be taxed federally on their first $______ earned annually. This is called the basic provincial exemption. The remainder of a person’s earnings are taxed on a step-scale starting at _____% to fund provincial programs. There is no limit upon the provincial taxes you could pay.
![Page 12: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/12.jpg)
Prov. Tax = 9.1% ( gross yearly pay – EI – CPP - basic exemption)
in the first bracket
![Page 13: Gross Pay - income earned before any deductions Salary - monthly or annual Hourly - regular and overtime Piecework - earn a set amount per item](https://reader036.vdocuments.site/reader036/viewer/2022070413/5697bff71a28abf838cbe788/html5/thumbnails/13.jpg)
Answer Q 8 to 15 p. 67, 68 Answer Q A,B,C p. 70 Answer Q 17,19 p. 70,71 Answer Q 20 p. 71 Answer Q 21,22,24 p. 73 Answer Q 1 to 5 p. 109