Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Becca Harris works for Shallow Inc. in Hamilton, Ontario. Becca is going to receive a $4,900.00 performance bonus on her next pay for meeting
Becca Harris works for Shallow Inc. in Hamilton, Ontario. Becca is going to receive a $4,900.00 performance bonus on her next pay for meeting her previous year's objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque. Becca claims code 2 on her federal and provincial TD1s. Her regular biweekly salary is $ 2,300.00 and she has a group term life insurance non-cash taxable benefit of $30.00 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. Assume 2022 rates. Using the federal tax tables for an Ontario employee, determine the federal tax to withhold on the entire bonus payment. Hint: Use the bonus method when calculating income taxes. Look at "Example 1 - First or once-a-year bonus payment on the Google Doc. Answer: Using the provincial tax tables for an Ontario employee, determine the provincial tax to withhold on the entire bonus payment. Hint: Use the bonus method when calculating income taxes. Look at "Example 1 - First or once-a-year bonus payment" on the Google Doc. Answer: Calculate Becca's net bonus payment (net pay for the bonus amount). Answer:
Step by Step Solution
★★★★★
3.47 Rating (170 Votes )
There are 3 Steps involved in it
Step: 1
Performance Bonus BiWeekly Salary NonCash Taxable Benefits BiWeekly Taxable Benefits 14 d...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started