Lesson 38
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This document discusses graduated commissions, net pay, and deductions from gross pay. It provides an example of a graduated commission structure and calculates earnings. It defines net pay as gross pay minus deductions, which must include CPP, EI, and income taxes, and may include other deductions like pension plans, insurance, and union dues. Current deduction rates and tax brackets are provided for 2008 in Canada. An example calculates net pay for an employee earning $21.75 per hour working 36 hours who pays union dues and contributes to an RRSP.
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Similar to Lesson 38
Net income(ch2)
Okay, here are the steps:
1) Federal tax withholding (from tables): $36
2) Social Security tax (6.2% of $628): $38.93
3) Medicare tax (1.45% of $628): $9.11
4) Medical insurance: $28
5) Union dues: $12
Total deductions: $36 + $38.93 + $9.11 + $28 + $12 = $124.04
Net pay: $628 - $124.04 = $503.96
So the deductions are $124.04 and the net pay is $503.96.
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The document discusses various payroll deductions including taxes for Social Security, Medicare, federal and state income taxes, as well as potential deductions for health insurance, union dues, child support, and retirement plans. It provides examples of calculating expected tax withholdings based on different salary amounts and asks questions to help understand how deductions are determined from a paycheck.
Feb 23 Calculating Net Pay
This document explains how to calculate net pay from gross pay. There are two steps: 1) find taxable income by subtracting allowable deductions from gross pay, and 2) use tax tables to subtract CPP, EI, federal tax, and provincial tax from taxable income to get net pay. Taxable income and deductions like dental, union dues, and RRSP contributions reduce gross pay. The tax tables are then used along with a claim code to determine required deductions for taxes, which are subtracted from taxable income to calculate net pay. Examples are provided to demonstrate these calculations.
2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...
2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...Nicola Wealth Management
On October 1, 2017, NWM hosted a group of clients at the Four Seasons Hotel Toronto to discuss Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.Proposed Tax Reform 2017: What You Need To Know
On October 5, 2017, NWM hosted a group of over 500 people at the Fairmont Hotel Vancouver to discuss the Finance Minister Bill Morneau and the Canadian government's proposal for tax reform impacting the majority of Canadian business owners.
NWM President, David Sung, opened the evening with an overview of the proposed tax changes. He provided some context and asked the audience to consider the political undertone of the Liberal government's tax proposal and the way in which they have handled the public push-back.
John Nicola, Chairman & CEO, an overview of what the government is proposing exactly and the impact it will have. He went on to discuss some planning options available to Canadian business owners.
Federal Taxes
The document discusses various aspects of figuring out and paying taxes in the United States. It covers federal income tax being due annually on April 15th and explains the basic forms like the 1040EZ. It describes the US having a progressive income tax system with marginal tax brackets. It also discusses deductions, exemptions, taxable income, W-2 forms, tax withholding, refunds, FICA taxes that fund Social Security and Medicare, state income taxes, unemployment taxes, excise taxes, estate taxes, and gift taxes.
Top 5 strategies to keep your profits in your pocket
The document provides strategies for reducing taxes through effective tax planning, income splitting, and hybrid expenses. The top 5 strategies discussed are: 1) Effective tax planning through incorporation, holding companies, retirement planning, life insurance, and SRED credits. 2) Income splitting using salaries, dividends, property payments, family trusts, and multiple corporations. 3) Hybrid expenses such as home office, automobile, cell phones, and medical expenses. Specific tax savings examples are provided for many of these strategies.
Trs who are we e mail.pdf
Tax Reduction Specialists is a network of professionals that assists taxpayers in legally reducing their taxes owed. They apply creative structures allowed under the Canadian Income Tax Act to recover taxes paid in previous years and reduce taxes owed going forward. Their solutions have provided clients tax refunds exceeding 150% of the cash invested. Common clients include business owners, doctors, lawyers, and executives. Case studies show solutions that transformed tax bills of $60,000 and $1.1 million incomes into $0 taxes owed, providing tax refunds and thousands in additional cash.
John-Zoom OPP.pptx
Opportunity of a lifetime. Part time. Side hustle. Career. Business. 6-figure. Beach money. Money while you sleep. Passive Income. Financial Freedom. John Gamboa
Unit 7e Putting money into superannuation
This document discusses different ways to contribute money to a superannuation fund in Australia. It outlines that employers are required to contribute 9% of an employee's salary. It also discusses salary sacrificing which allows employees to contribute extra money pre-tax. Personal contributions can be made after-tax. The government offers co-contributions of up to $1000 for personal contributions if eligibility criteria are met such as earning wages and submitting a tax return.
Homeownership And Your Taxes
- The document discusses various tax deductions and credits related to homeownership, such as mortgage interest deduction, property tax deduction, and first-time homebuyer credit.
- It provides examples of how itemizing deductions by claiming mortgage interest and property taxes can result in lower taxes than taking the standard deduction.
- It also outlines other itemized deductions like state income taxes, charitable contributions, and medical expenses that may further reduce one's taxable income and tax owed.
Unit 8c Taxation strategies
This document discusses various taxation strategies in Australia including: tax deductions, income splitting, income timing, negative gearing, franked dividends, superannuation, and interest offset accounts. It provides examples of how each strategy can reduce taxable income and overall tax paid. It cautions that while legal tax strategies can reduce tax, complex personal finances may not be worth the added time, hassle and costs involved.
Self employment tax-2021
You pay self-employment (SE) tax when net earnings from
self-employment are $400 or more. You are self-employed
if you carry on a trade or business as a sole proprietor (including
farmers) or as a general partner in a partnership.
A trade or business generally is an activity carried on for
a livelihood or in good faith to make a profit. Facts and circumstances
determine whether or not an activity is a trade
or business.
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...
Objective: To quantify the effects of the Tax Cuts & Jobs Act for taxpayers in the highest individual tax bracket; to quantify the effects of the increase in the lifetime estate and gift tax exemption for taxpayers at all levels of wealth; and to identify the challenges and opportunities available for taxpayers as a result of these changes.
Intro Payroll
The document discusses payroll accounting and deductions. It explains that payroll is the compensation paid to employees including wages and salaries. It outlines typical payroll deductions like social security taxes, federal and state income taxes, disability insurance, and voluntary deductions authorized by employees. It also covers calculating employee earnings including hourly, salary, commission, and overtime wages as well as the W-2 form used to report total annual earnings.
Government and Economy
A GCSE Information powerpoint about the Government and Economy by http://www.tes.co.uk/teaching-resource/Public-and-Private-Sector-6197407/
Tax implications under Trump
The document summarizes potential tax implications under President Trump and a Republican-controlled Congress. It discusses Trump's tax proposals to significantly cut corporate and individual tax rates, increase standard deductions, repeal the estate tax and the AMT. It also outlines the GOP's tax reform plan and provides 10 planning ideas, including accelerating deductions in 2016 before expected changes in 2017. Overall, it conveys that major tax code overhaul is expected which could reduce taxes but also limit deductions.
Unit 8b Calculating tax
1. The document explains how to calculate personal income tax in Australia. It covers calculating taxable income by subtracting allowable deductions from assessable income, then using the tax bracket table to determine bracket tax.
2. It also explains calculating the Medicare levy, HECS repayments, and totaling tax by adding bracket tax, Medicare levy, and HECS, then subtracting any rebates or offsets.
3. Several examples are provided to demonstrate calculating tax for individuals with different income and deduction scenarios.
Short Presentation (2008)
The document summarizes the Florida state deferred compensation retirement program. It provides three key components to preparing for retirement: the Florida Retirement System pension or investment plan, supplemental savings like deferred compensation or IRAs, and Social Security benefits. It describes how deferred compensation works by allowing pre-tax contributions and growth over time. It lists investment providers and contribution limits and benefits of the program like tax deferral and flexibility.
Topic 3 & 4 Finalised
This document provides information about pay and pay calculations including defining key terms like gross pay, net pay, deductions, PAYE, and overtime pay. It explains how deductions like taxes and National Insurance contributions are calculated and taken out of gross pay to determine net pay. Payslips and tax codes are also described. Specific payroll terms and calculations like sick pay, student loans, minimum wage, and self-employment are summarized. Documentation provided to employees like P45 and P60 forms are mentioned. Different types of bank accounts for handling income including current accounts, packaged accounts, and savings accounts are briefly outlined.
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2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...
2017 TORONTO Fall Event - Proposed Tax Reform: What You Need to Know (October...
Top 5 strategies to keep your profits in your pocket
Top 5 strategies to keep your profits in your pocket
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...
More from Kelly Scallion
May 2011 schedule
The document contains a schedule for May and June 2011, listing exercises, tests, and exams for different days of the week. It includes Exercise #1-35 on May 11th, a test on May 12th, no school on May 13th for prom, and Victoria Day on May 23rd with no school. The June schedule focuses on provincial exam review from June 6th to 10th, with the provincial exam taking place from 8:45-12:00 on June 16th in the library.
Exercise #23
Calculators can evaluate base 10 logarithms. The change of base theorem, logb a = logc a / logc b, allows evaluating logarithms with non-base 10 bases by relating them to base 10 logarithms. Some useful properties of logarithms are that logb b = 1, logb b^y = y, and b^logb a = a. Students are assigned exercises 23 problems 1-13, 15-16, 18, and 20 to practice evaluating logarithms.
Exercise #21
The document discusses logarithmic functions and their inverses, exponential functions. It provides examples of logarithmic and exponential forms and how to convert between them. It also covers graphing logarithmic functions, their domains and ranges, characteristics like asymptotes. It provides examples of evaluating logarithmic expressions and transformations of logarithmic functions.
Exercise #22
This document outlines three theorems for logarithms:
1) The Product Theorem states that the log of a product is equal to the sum of the logs of the factors.
2) The Quotient Theorem states that the log of a quotient is equal to the difference of the logs of the factors.
3) The Power Theorem states that the log of a factor to a given power is equal to the power times the log of the factor.
These theorems only apply when the logarithms have the same base. Examples are provided to demonstrate applying the theorems to simplify logarithmic expressions and evaluate logarithms.
Exercise #16 notes
This document presents sum and difference identities for trigonometric functions sine and cosine. It gives the formulas for sin(α + β), cos(α + β), sin(α - β) and cos(α - β) in terms of sinα, cosα, sinβ and cosβ. It then provides examples of using these formulas to evaluate trigonometric functions at values that are not covered by special triangles.
Exercise #18 notes
This document discusses double angle identities for sine, cosine, and tangent. It provides the formulas for sin(2θ), cos(2θ), and tan(2θ) in terms of sin(θ) and cos(θ). The document also includes examples of using the double angle identities to evaluate trigonometric functions and solve equations.
Exercise #17 notes
This document contains examples of using sum and difference identities to express trigonometric functions with combined arguments in terms of single variables. It provides the identity cos(A + B) = cos(A)cos(B) - sin(A)sin(B) and uses it to express cos(π/2 + x) in terms of x alone. It also gives examples of using identities to prove relationships between trigonometric functions with combined arguments.
Exercise #13 notes ~ graphing
This document provides instructions for graphing trigonometric transformations in 3 steps: 1) Determine the a, b, c, and d values from the function's factored form. 2) Draw the median position and amplitude. 3) Determine the period and mark points to graph the wave-like function. Examples graph y=3sin(2x)-1, f(x)=sin(1/2x+1), and f(x)=2cos(3x)-2.
Exercise #11 notes
This document discusses graphing absolute value functions. It provides examples of graphing various absolute value functions, including f(x)=|x|^2, f(x)=2|x|-1, f(x)=|x|^2-1, f(x)=3|x|^2-4, f(x)=|cos(x)|, f(x)=2|x|-3-1, and shows how to write a piecewise function definition for f(x)=|x|^2. The graphs are V-shaped and symmetric about the y-axis, with vertices at the points where the absolute value terms are equal to zero.
Exercise #13 notes ~ equations
This document provides information on writing trigonometric equations from sinusoidal graphs. It outlines the two basic sinusoidal equations as f(x) = a sin(b(x - c)) + d or f(x) = a cos(b(x - c)) + d. The variables a, b, c, and d represent the amplitude, period, start point, and median, respectively. Formulas are given to identify each variable based on properties of the graph like maximum, minimum, and period.
Exercise #14 notes
The document discusses trigonometric identities, including 8 fundamental identities. It provides examples of using identities to simplify trigonometric functions and proves identities by showing the left and right hand sides are the same. Examples include simplifying tan θ cos θ, expressing tan θ in terms of sin θ, and proving cot θ sin θ = cosθ.
Exercise #8 notes
This document discusses how to sketch graphs resulting from transformations of basic parent functions, including horizontal and vertical stretches as well as translations. It provides examples of stretching and translating graphs of f(x) = x^2 and generalizes the effects of stretches and translations on basic parent functions. The document concludes with instructions on combining multiple transformations and an example problem determining the x-intercepts resulting from a composite transformation.
Exercise #9 notes
1) Reflections of functions f(x) over the x-axis or y-axis produce new equations by changing the sign of the y-values or x-values respectively.
2) The inverse of a function f(x) is denoted f^-1(x) and is found by switching the x and y values when graphed, effectively reflecting over the line y=x.
3) For example, the inverse of f(x)=2x+5 is found by graphing f^-1(x) which treats x as the output and y as the input.
Exercise #10 notes
This document provides examples for graphing reciprocals of functions. It explains that for reciprocals, smaller numbers on the x-axis become larger on the y-axis, and vice versa. An example graphs the reciprocal of f(x)=1/x^2. It notes that reciprocals can be written in the form f(x)=k/x+h, where k and h are determined from the original function. Further examples graph the reciprocals of f(x)=2/x+4 and f(x)=sin(x).
Exercise #7 notes
This document discusses transformations of graphs including vertical and horizontal shifts. It provides examples of parent functions being shifted vertically by adding or subtracting a number, and horizontally by adding or subtracting inside or outside the function. Examples are given of shifting the graph of f(x)=sinx by 1 unit vertically and horizontally shifting and vertically shifting the graph of f(x)=x^2-3.
Statement and demand assignment
This document provides information for four tax situations including land and building assessments, mill rates, property frontages, improvement taxes, school and education levy taxes, tax credits, and penalties. The questions involve calculating statements and demands for residential properties with varying assessments, mill rates, improvement taxes, and school division taxes.
Statement and demand notes
The document outlines the sections of a Statement and Demand for Taxes notice, including: A) municipal taxes on property classifications and assessed values, B) local improvement costs, C) educational taxes including school division and provincial levy mill rates, D) provincial tax credits, E) arrears and penalties, and F) net taxes due which is the total of taxes and penalties minus credits. Users are prompted to enter property details, mill rates, and other values for each corresponding section of the tax statement.
Statement and demand forms
This document discusses statement and demand forms. Statement forms are used to provide information about an account, transaction, or balance. Demand forms are used to request payment for an amount owed, such as an invoice demanding payment for services or goods that have been delivered. Both statement and demand forms convey important financial information in different ways.
Circle properties summary
Minor arcs on a circle are labeled with 2 letters and have a measure of less than 180 degrees. The document discusses properties of circles, triangles, and angles including: the Pythagorean theorem, that a radius will meet a tangent at 90 degrees, an inscribed angle is half the measure of the central angle if they share an arc, two inscribed angles subtended by the same arc are congruent, the interior angles of a triangle sum to 180 degrees, and the total measure of angles on a circle is 360 degrees.
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Lesson 38
- 1. Lesson 38 Commissions & Net Pay Text: Chapter 1, section 5 & 6 Graduated Commission – You are paid only commission but your commission rate increases at various levels of sales. Example: Barry earns a graduated commission as a furniture salesperson. He earns 9% on the first $10 000 worth of sales and 12% on any sales exceeding $10 000. In April, Barry’s sales were $21 675. What are his gross earnings for the month of April? Example: Jocelyn is offered a job at two different companies. The first company offers to pay her $7.25 per hour and she will work 160 per month. The second company offers to pay her $800 per month with 4% of her sales. Which store offers the highest potential earnings?
- 2. Net Pay Net Pay – Gross pay minus deductions; sometimes called the take home pay. Deductions MUST include: CPP (Canada Pension Plan) EI (Employment Insurance) Income Tax (Provincial and Federal) Deductions MAY include: RPP (Registered Pension Plan) RRSP (Registered Retirement Savings Plan) Canada Savings Bonds Union Dues Life Insurance Health Insurance Disability Insurance ETC. $ EI and CPP are deducted from the gross pay total. $ Income Tax is based on your taxable income…what is taxable income you ask?
- 3. $ TAXABLE INCOME is your gross pay minus all deductions. $ Current Rates for (2008) are: CPP 4.95% to a maximum contribution of $2049.30 EI 1.73% to a maximum contribution of $711.03 Federal Income Tax: If your income is ≤ $37 885 the rate is 15% If your income is > $37 885 but ≤ $75 769 the rate is 22% If your income is > $75 769 but ≤ $123 184 the rate is 26% If your income is > $123 184 the rate is 29% Provincial (Manitoba) Income Tax: If your income is ≤ $30 544 the rate is 10.9% If your income is > $30 544 but ≤ $66 000 the rate is 12.75% If your income is > $66 000 the rate is 17.4% Basic Personal Exemption is: Federal - $9600 Provincial - $8034 Example: Courtney earns $21.75 per hour and works 36 hours last week. She pays $18.25 in union dues and she contributes $50 to an RRSP. She has a federal and provincial claim code of 1. Calculate her NET PAY using the 2008 tax tables.