Gross/Net Pay
What is the difference between gross pay and net pay?
Gross pay - income before taking off deductions
Net pay - income after taking off deductions
What is it called when you get paid every other week?
What % is deducted from your pay for CPP?
5.95%
What % is HST?
13%
Gross Pay - $2000
Deductions - $500
Net Pay - ?
$1500
If you make an annual salary of $40,000, how much would you make per month?
$3333.33
Give an example of an optional deduction.
Dental insurance, RRSP, etc.
A sweater is sold for $30. How much will it cost with HST included?
$33.90
Gross Pay - ?
Deductions - $800
Net Pay - $3200
$4000
You get paid "time and a half" for overtime. This means we multiply your regular pay rate by _____.
1.5
Name the 3 required deductions that every employee must pay.
Income Tax, CPP, EI
Name the 3 items/categories that have HIDDEN taxes
Gas, cigarettes, jewellery