Understanding Payroll and Deductions

This video tutorial covers the concepts of deductions and net pay, explaining how various deductions like CPP, EI, and taxes affect gross pay to determine net income. It provides examples of calculating deductions using tax tables and online calculators, demonstrating the process with two case studies: Bob and Sharon. The tutorial also highlights the importance of understanding tax tables and offers tips for using online tools to simplify calculations.

What is the term for the income you take home after all deductions?

• Gross Pay

• Net Income

• Taxable Income

• Total Earnings

Which of the following is a mandatory deduction for retirement savings in Canada?

• Federal Tax

• Union Dues

• Canada Pension Plan

• Employment Insurance

What type of tax is deducted to cover costs by the federal government?

• Federal Tax

• Union Dues

• CPP

• Provincial Tax

In the example of Bob's net pay, what is his weekly salary?

• $350

• $375

• $385

• $400

What tool can be used for quick calculation of taxes and net pay?

• Manual Calculation

• Spreadsheet

• Online Tax Calculator

• Tax Tables

How many hours of overtime does Sharon work in a week?

• 4 hours

• 5 hours

• 3 hours

• 2 hours