2.4 - Deductions and Net Pay

Amount of Money a person earns at his or her job is called

The amount left after deductions have been applied by the employer is called?

Union Dues, Pensions, and Disability Pay are all what type of charge?

• Deductions

• Taxes

• Gross Pay

• Net pay

Order the formula to calculate taxable income.

• Taxable income

• -

• Gross pay

• =

• Deductions

If your short-term disability insurance rate is 0.7%, how much do you pay if your paycheque is $425.00?

Mathematical Equivalence

ON

Isla paid $42.96 in Employment Insurance (EI) on her taxable monthly income of $2,400.00. What is her EI rate?

Mathematical Equivalence

ON

Jordan earns a gross weekly income of $940.00.

He pays union dues equal to 2% of his gross income and contributes 4% to a company retirement savings plan.

His federal tax rate is 15.5%, and his provincial tax rate is 6.1%. Jordan also pays 5.2% to the CPP and 1.7% for EI.

Calculate Jordan’s net income.

Mathematical Equivalence

ON