Assignment CHAPTERS 3 and 4 for class june 8 solution

# Assignment CHAPTERS - #1 MANUAL CALCULATION 10 marksBarb has \$150,000 of taxable income 2011 Using the manual calculation table calculate her

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Unformatted text preview: #1- MANUAL CALCULATION 10 marksBarb has \$150,000 of taxable income 2011. Using the manual calculation table calculate her federal and provincial taxes payable.Federal 2011Ontario 2011On the first \$41,544Of net txble income15%On the first \$37,774Of net txble income5.05%On the next \$41,54422%On the next \$37,7769.15%On the next \$45,71226%On net taxable income over \$75,55011.16%On net txble income over \$128,80029%SolutionFederalThe first 41,544 x 15%6,231.60The next 41,544 x 22%9,139.68The next 45,712 x 26%11,885.12On 150,000 – 128,800 x 29%21,200 x 29%6,148.00Total Federal taxes\$33,404.40Provincial – OntarioThe first 37,774 x 5.05%1,907.59The next 37,776 x 9.15%3,456.50On 150,000 – 75,550 x 11.16%74,450 x 11.16%8,308.62Total Provincial Taxes13,672.71# 210 MarksCalculate CPP, EI, federal and provincial income tax on the bi-weekly pay cycle for Erica using the following data.•A salary of \$39,000 per year•Over time paid at 1.5 times for hours worked over 40 per week•Vacation pay at 6% accrued and paid at a later date...
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## This note was uploaded on 06/12/2011 for the course HRMT 318 taught by Professor Indra during the Spring '11 term at Centennial College.

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Assignment CHAPTERS - #1 MANUAL CALCULATION 10 marksBarb has \$150,000 of taxable income 2011 Using the manual calculation table calculate her

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