Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 performance bonus on her next pay for meeting her previous year objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque. Becca claims code 1 on her federal and provincial TD1s. Her regular bi-weekly salary is $1,650.00 and she has a group term life insurance non-cash taxable benefit of $12.50 per pay. She will not reach the annual maximums for CPP contributions or El premiums with this payment. Use this information to answer questions 3-7. Calculate Becca's CPP contribution.

Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 performance bonus on her next pay for meeting her previous year objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque. Becca claims code 1 on her federal and provincial TD1s. Her regular bi-weekly salary is $1,650.00 and she has a group term life insurance non-cash taxable benefit of $12.50 per pay. She will not reach the annual maximums for CPP contributions or El premiums with this payment. Use this information to answer questions 3-7. Calculate Becca's CPP contribution.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 45P

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Helen Chapel works for Adams Photography in Alberta and earns an annual salary of $53,500.00 paid on a bi-weekly basis. The company's benefit package includes monthly group term life insurance coverage of two time's annual salary; the group term life insurance premium rate is $0.74 per $1,000.00 of coverage. Helen receives a taxable car allowance of $25.00 every pay for using her own car to go to client appointments. Her federal and provincial TD1 claim codes are 3. Helen will not reach the Canada Pension Plan or Employment Insurance annual maximums this pay period. Calculate Helen's net pay.
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