Tax calculations
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Created by:
sxmacdonald on November 15, 2008
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9 terms
Terms | Definitions |
|---|---|
 Canada Pension Plan (CPP) | Gross pay MULTIPLIED by the CPP rate |
| Employment Insurance (EI) | Gross pay MULTIPLIED by the EI rate |
| Gross pay | # of hours worked MULTIPLIED by the rate of pay ($/hour) |
| Net Pay | Gross pay SUBTRACT deductions(EI, CPP, ITax) sometimes called the 'take home pay' |
| Income Tax (ITax) | Gross pay MULTIPLIED by the ITax rate |
| Goods and Services Tax (GST) cost | 5% of the cost of the item =(0.05 * item cost ) |
| Provincial Sales Tax (PST) cost | 10% of (the cost of the item PLUS GST cost) =(0.10 * (item cost + GST cost)) |
| Average hours/week | ADD the hours for each week and DIVIDE by the # of weeks |
| Average mark | ADD all marks and DIVIDE by the number of marks |
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