Mathematics 10-3: Module 2 Personal Finances 48 Assignment 13. Rob is a plumber. He earns $96 000 per year in gross pay in 2015. Calculate his monthly net income after mandatory deductions of $75.00/month union fees, CPP, El, and income tax are taken off his cheque. (7 marks) STEP 1: Calculate their yearly deductions. STEP 2: Calculate their annual taxable income. STEP 3: Calculate their CPP premiums for the year. STEP 4: Calculate their El premiums for the year. STEP 5: Calculate their total annual federal income tax using 2015 federal tax rates (on your formula sheet). Hint: their taxable income involves the first 3 tax brackets. STEP 6: Calculate their net annual income. STEP 7: Calculate their monthly net income. Updated August 2018