Lara is 25 and lives in Edmonton, Alberta. She works for Nordegg Tech and earns a yearly salary of 63,000 plus 4% vacation pay. She getsminimal exemptions from federal and provincial taxes. She receives 24 pay periods a year.Calculate for every pay period:a. Gross Incomeb. Federal income Taxc. Provincial Income taxd. CPP Contributionse. El Premiumsf. Net Pay

1. For Explanation Part Kindly using steps answer the question above in steps: step 1, step 2, step…

Answered: Lara is 25 and lives in Edmonton,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Laura is 17 years old. She works for Gibson Catering in Alberta and earns an annual salary of $53, 650.00 paid on a weekly basis. She receives a $85.00 car allowance each pay. The company pays 100% of group term life insurance premiums for its employees as a non- cash taxable benefit which for Laura's is $29.00 per pay period. Laura is a member of the company's registered pension plan and contributes 4% of her salary to the plan every pay. Her federal and Alberta TDI claim codes are 1. Determine Laura's total income tax deduction per pay period.
Helen works for Jefferson Movers in Alberta and earns an annual salary of $42, 570.00 paid on a weekly basis. She contributes 2% of her gross earnings to a Registered Retirement Savings Plan each pay. Helen pays $30.00 weekly for union dues and receives a group term life insurance non-cash taxable benefit of $21.00 each pay. Her federal and provincial TD1 claim codes are 1 and she will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Calculate Helen's net pay, following the steps in the payroll calculation template.
Kk12.
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