Marc Potvin is an accounts payable administrator for a large retail clothing chain in BC. He...

  

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Marc Potvin is an accounts payable administrator for a large retail clothing chain in BC. He earns $33,000.00 annually, paid biweekly. As part of the 100% employer, paid benefit package, Marc has group term life insurance coverage for two times his annual salary. The company pays $0.85 per $1,000 of coverage for the group term life insurance coverage. Each administrative staff member receives an employer-paid parking spot at head office, located in downtown Vancouver, where the fair market value of parking in the vicinity is $250 per month plus tax. Parking benefits are assessed on a pay period basis. Marc receives a taxable car allowance of $75.00 per pay for using his own automobile for business purposes. 1. Salary per pay period 2. Group term life insurance taxable benefits- Monthly 1. Salary per pay period 2. Group term life insurance taxable benefits - Monthly Per pay period 3. Pay period parking taxable benefit Step one: Determine gross Earnings Gross Earnings = Earnings + Taxable allowances+ non taxable allowances Step two: Determine Non- Cash Taxable Benefits Step three: Determine CPP contribution Step four: Determine El Premium Marc Potvin is an accounts payable administrator for a large retail clothing chain in BC. He earns $33,000.00 annually, paid biweekly. As part of the 100% employer, paid benefit package, Marc has group term life insurance coverage for two times his annual salary. The company pays $0.85 per $1,000 of coverage for the group term life insurance coverage. Each administrative staff member receives an employer-paid parking spot at head office, located in downtown Vancouver, where the fair market value of parking in the vicinity is $250 per month plus tax. Parking benefits are assessed on a pay period basis. Marc receives a taxable car allowance of $75.00 per pay for using his own automobile for business purposes. 1. Salary per pay period 2. Group term life insurance taxable benefits- Monthly 1. Salary per pay period 2. Group term life insurance taxable benefits - Monthly Per pay period 3. Pay period parking taxable benefit Step one: Determine gross Earnings Gross Earnings = Earnings + Taxable allowances+ non taxable allowances Step two: Determine Non- Cash Taxable Benefits Step three: Determine CPP contribution Step four: Determine El Premium

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