bellwork vanessa gets paid bi-weekly. she is always paid on the 1 st and the 15 th and earns...

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Bellwork • Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses. How much disposable income will remain for Vanessa on the 14 th of the month and at the end of the month? Monthly Expenses 1. Rent (Feb. 3 rd ) = $1281.00 2. Car (Feb. 19 th )= $361.00 3. Car insurance (Feb. 1 st ) = $112.00 Weekly Expenses 4. Food (Feb. 5 th , 12 th , 19 th , 26 th = ~$86.00

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Page 1: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Bellwork• Vanessa gets paid bi-weekly. She is always paid on the 1st and

the 15th and earns $1134.00. She needs to pay the following monthly expenses. How much disposable income will remain for Vanessa on the 14th of the month and at the end of the month?

Monthly Expenses1. Rent (Feb. 3rd) = $1281.002. Car (Feb. 19th)= $361.003. Car insurance (Feb. 1st) = $112.00

Weekly Expenses4. Food (Feb. 5th, 12th, 19th, 26th =

~$86.00

Page 2: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Investigating Gross and Net Pay

• Learning Goals: I understand how to deduct taxes from my paycheck

• Success Criteria: use government tax tables to determine how much taxes I need to pay for Federal government, provincial government, CPP, and EI

Page 3: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Terms – Record on your definition sheet

• Gross Pay – is an employee’s total earnings before any deductions are taken off

• Deductions – are costs such as taxes that are removed from total earnings

• Net Pay or Take Home Pay – is the amount of money remaining after taxes are paid. Sometimes referred to as the take home pay

Page 4: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Deductions from your pay

Page 5: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Complete the Calculating Gross Income Worksheet

Page 6: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Correct the Gross Income Worksheet

Page 7: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Payroll Deduction Tables• How to read a payroll deduction table

Page 8: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Complete the Payroll Deductions below

Name WeeklyGrossPay $

EI$

CPP$

TaxableEarnings $- (CPP+EI)

ClaimCode

IncomeTax$

NetPay$

John 265 1

Paul

350 8

Madison

480 3

Vanessa

263 5

Page 9: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Are there other deductions?Discussion

Page 10: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Using the handout fill in the tax ranges

Page 11: Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses

Complete Calculating Deductions Chart

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