Chapter 2 (MEL 3E) - Net Income & Purchasing Power

What is the full name CPP and EI

• Canadian Pension Plan & Employment Income

• Canada Pension Plan & Employment Insurance

• Canadian Pension Plan & Every Income

Income taxes (deductions from your gross income) include:

• Federal Income Tax and Provincial Income Tax

• Fedex Income Tax and Quebec Income Tax

• Fedex Income Tax and Toronto Income Tax

$34 000 gross income translates to ___________ in weekly earnings.

• $ 654 (34 000 divided by 52)

• $ 88 (34 000 divided by 365)

• $ 2833 (34 000 divided by 12)

• $ 1417 (34 000 divided by 24)

Tags

CCSS.5.NBT.B.6

CCSS.6.NS.B.2

$34 000 (gross yearly income) translate into _______ in biweekly earnings.

• $ 1308 ($34 000 divided by 26 weeks [=52 divided by 2])

• $ 654 ($34 000 divided by 52 weeks)

• $ 2833 ($34 000 divided by 12 weeks)

Tags

CCSS.6.RP.A.3B

$34 000 (gross annual income) translates to ___________ in semi-monthly earnings.

• $ 1417 ($34 000 divided by 24 months)

• $ 1308 ($34 000 divided by 26 months)

• $ 2833 ($34 000 divided by 12 months)

Tags

CCSS.6.RP.A.3B

$34 000 (gross annual income) translates to _________ a month.

• $ 2833 ($34 000 divided by 12 months)

• $ 5667 ($34 000 divided by 6 months)

• $ 1417 ($34 000 divided by 24 months)

Tags

CCSS.6.RP.A.3B

$14.00 per hour (Ontario Adult minimum wage) for 40 hours per week of working, equals ______________.

• $ 560 ( $14 times 40 hours per week)

• $ 2.86 (40 hours per week divided by $14.00 per hour)

Tags

CCSS.6.RP.A.3B

Net Income =

• Gross Income - Deductions

• Gross Income + Deductions

• Gross Income x Deduction

Tags

CCSS.6.NS.B.3

Primary deductions for 2020 is _____ % for Ontario Minimum Wage earners. (CPP 5.25% + EI 1.58% + Federal Income Tax 15% + Ontario Income Tax 5.05%)

• 27%

• 20%

• 10%

Tags

CCSS.6.RP.A.3C

Nina's gross income per week is $600. Her net income (after 27% primary deductions) is __________.

• $ 438 (600 - [600 x 0.27])

• $ 162 (600 x 0.27)

• $ 600

Tags

CCSS.6.RP.A.3C