Questions 1,2,3,4

Pg. 87 1-4
1. Gross pay is the amount before you pay any deductions.
Taxable income is the amount of money you’re going to pay tax on.
2. A) $1458.00 Semi-monthly (24) B) $1346.00 biweekly (26).
A) Per year = $34992.00
B) Per year = $34996.00
3. $750.00 x $0.0180 = $13.50
Lianne’s EI premium will be $13.50.
4. $3170.06 - $17.12 - $126.40 = $3026.54
A) Helen’s taxable income is $3026.54 semi-monthly.
B) Taxable income is higher than net pay because income tax, CPP, and EI are deducted from the taxable income to calculate the next pay.