Helen, an Alberta employee, earns $65,040 annually and is paid on a semi-monthly basis. Her TD1 claim code is 1.
Calculate the employee's gross pensionable/taxable income, gross insurable earnings, net taxable income, and statutory withholdings.
Gross Pensionable/Taxable Income = $2710
CPP = (2710 - 145.83) x 0.0495 = $126.93
Gross Insurable Earnings = $2710
EI = 2710 x 0.0183 = $49.59
Net Taxable Income (federal and non-Quebec provincial) = $2710
- Federal Income Tax = $459.70
- Alberta Income Tax = $218.80