As you sat home, socially distancing from friends on New Year's Eve,you saw a strange light in
Question:
As you sat home, socially distancing from friends on New Year's Eve,you saw a strange light in the sky (maybe aliens??!!), but didn't think much of it at the time. Without any exciting celebration going on, you fell asleep on the couch around 10:30pm. You were awoken with a strange shake of your body (the aliens?!) and sat up to see it was 12:01am on January 1, 2021. You decided you would brush your teeth and head to bed. When you woke up the next morning, got up and looked in the mirror, you realized something very strange happened. You looked a little older and a little wiser than when you went to sleep! You looked around the house and it was like you had skipped forward a few years into the future. You found one of your business cards that said you were now a employee for a successful business. You checked the calendar and it was still January 1, 2021, it was that YOUsomehow were able to skip through schooling and had graduated and got a job! Here is additional information you learned (Needed for Required #2 below):
-You work in Alberta and are paid a monthly salary. In the month of January 2021, you are not paid any vacation pay, bonuses, or retroactive payments.
-You do not receive any benefits or have any other deductions (Do NOT select any of the other benefits or deductions on the online calculator.)
-You found your completed 2021 TD1 forms which indicated that your claims for tax should be the minimum $13,808 federally and $19,369 provincially. You did not request any additional taxes be deducted.
-Given that it is January, you haven't received any salary yet she has not had any CPP or EI deducted from a paycheque (your "Year-to-date" CPP and EI amounts are $0). Your employer's EI premium rate is the standard 1.4 times the employee's premium.
Required:
1) Decide on the annual salary you believe you can earn as a newly graduated employee (be realistic!.....and decide for yourself, not with your friend!). Assume you will be paid monthly, so calculate the gross monthly amount you will earn based on your yearly expectation.
2) Calculate your mandatory payroll deductions (tax, CPP, EI) using Canada Revenue Agency's (CRA) "Payroll Deductions Online Calculator" using the information above. The online calculator is available at https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/payroll-deductions-online-calculator.html .
3) Save a PDF copy of your "Salary calculation: Result" page by selecting "Print/Save Result" at the bottom. You should only see deductions for Federal and Provincial tax, CPP and EI.
Excellence in Business Communication
ISBN: 978-0136103769
9th edition
Authors: John V. Thill, Courtland L. Bovee