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$16 per hour X 8 hours per day X 21 days per month = X 15% = $ Gross Income: $ Income Tax: Gross Income $ CPP: Gross Income $ X 4.95% = $ El: Gross Income $ _X 1.88% = | $ Union Dues: Income $ X 1% = $ Income Tax + CPP + El + Union Dues = Paycheque Deductions $ Gross Income $ Paycheque Deductions $_ = Net Income $

$16 per hour X 8 hours per day X 21 days per month = X 15% = $ Gross Income: $ Income Tax: Gross Income $ CPP: Gross Income $ X 4.95% = $ El: Gross Income $ _X 1.88% = | $ Union Dues: Income $ X 1% = $ Income Tax + CPP + El + Union Dues = Paycheque Deductions $ Gross Income $ Paycheque Deductions $_ = Net Income $

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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please help me how to answer all of them. Slso, it is not writing an essay. it is math 

1) INCOME CALCUATION Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions Net income (pay/earnings) (Take home pay) The amount of income/earnings, for any pay period, after deductions CPP - Canada Pension Plan 5.1 % of gross income deducted for contribution to your future pension El - Employment Insurance 1.6 % of gross income deducted for payment in case of future unemployment Income Tax A deduction paid to the Federal and Provincial government for taxes. While there are many different income tax rates, we'll use an average tax rate of 15%. Union Dues Fees paid for membership in a union Now calculate your net monthly income: $ $16 per hour X 8 hours per day X 21 days per month = X 15% = $ Gross Income: %3D Income Tax: Gross Income $ CPP: Gross Income $ _X 4.95% = | $ X 1.88% =| $ El: Gross Income $ Union Dues: Income $ _X 1% = $ Income Tax + CPP + El + Union Dues = Paycheque Deductions $ %3D Gross Income $ -- Paycheque Deductions $ Net Income $ %3D
Transcribed Image Text:1) INCOME CALCUATION Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions Net income (pay/earnings) (Take home pay) The amount of income/earnings, for any pay period, after deductions CPP - Canada Pension Plan 5.1 % of gross income deducted for contribution to your future pension El - Employment Insurance 1.6 % of gross income deducted for payment in case of future unemployment Income Tax A deduction paid to the Federal and Provincial government for taxes. While there are many different income tax rates, we'll use an average tax rate of 15%. Union Dues Fees paid for membership in a union Now calculate your net monthly income: $ $16 per hour X 8 hours per day X 21 days per month = X 15% = $ Gross Income: %3D Income Tax: Gross Income $ CPP: Gross Income $ _X 4.95% = | $ X 1.88% =| $ El: Gross Income $ Union Dues: Income $ _X 1% = $ Income Tax + CPP + El + Union Dues = Paycheque Deductions $ %3D Gross Income $ -- Paycheque Deductions $ Net Income $ %3D
Scenario: You are in your early twenties and it is time to move out of your parents' home. You move out, rent an apartment, buy a car, food, clothes, etc. If you want, you may choose to live with a roommate. You work 40 hours per week and your wage is $16 per hour gross income (before deductions). Talk to your teacher if you think you will work different hours or receive a different wage. You will be required to calculate your net income, pay for a car, accommodations, food, clothing. The purpose of this project is to help you learn how to budget and manage financial resources effectively. If you choose to live with a roommate and share rent, you must each complete and hand in a separate booklet with a separate budget. Many of the calculations are specific to each individual so read carefully! You will utilize the internet for all of your information required to complete this project. However, you may want to refer to grocery fliers to find prices for the food.
Transcribed Image Text:Scenario: You are in your early twenties and it is time to move out of your parents' home. You move out, rent an apartment, buy a car, food, clothes, etc. If you want, you may choose to live with a roommate. You work 40 hours per week and your wage is $16 per hour gross income (before deductions). Talk to your teacher if you think you will work different hours or receive a different wage. You will be required to calculate your net income, pay for a car, accommodations, food, clothing. The purpose of this project is to help you learn how to budget and manage financial resources effectively. If you choose to live with a roommate and share rent, you must each complete and hand in a separate booklet with a separate budget. Many of the calculations are specific to each individual so read carefully! You will utilize the internet for all of your information required to complete this project. However, you may want to refer to grocery fliers to find prices for the food.
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