2.2: Approximating Net Income

2.2: Approximating Net Income

Multiple Choice

Who pays into the Canadian Pension Plan?

• All Canadians under the age of 60 that have earned income.

• Canadians over the age of 60.

• Canadians under the age of 10.

• All Canadians.

Multiple Choice

What is the CPP rate for 2020?

• 1%

• 10%

• 5.25%

• 50%

Multiple Choice

Who is eligible to collect from CPP?

• Any Canadian.

• Any Canadian that has made at least one valid contribution to CPP.

• Any Canadian over the age of 60.

• Any Canadian over the age of 60 that has made at least one valid contribution to CPP.

Multiple Choice

Harold earns $60 000 in annual income. Determine his weekly earnings.

• $5000

• $1153.85

• $2307.69

• $2500

Multiple Choice

Harold earns $60 000 in annual income. Determine his bi-weekly earnings.

• $5000

• $1153.85

• $2307.69

• $2500

Multiple Choice

Harold earns $60 000 in annual income. Determine his semi-monthly earnings.

• $5000

• $1153.85

• $2307.69

• $2500

Multiple Choice

Harold earns $60 000 in annual income. Determine his monthly earnings.

• $5000

• $1153.85

• $2307.69

• $2500

Poll

Do you believe that having a high minimum wage is important?

• yes

• no

• unsure

Multiple Choice

Alex earns $1200 per week. If he contributes 1.58% of his gross income towards employment insurance (EI), how much does he contribute per week?

• $18.96

• $6.56

• $10.43

• $50.25

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Multiple Choice

Student minimum wage in 2024 in Ontario is:

• $15/hr

• $16.20/hr

• $14.10/hr

• $13.40/hr

Multiple Choice

General minimum wage in 2024 in Ontario is:

• $15/hr

• $17.20/hr

• $14.10/hr

• $13.40/hr