gross income $20 per hour x 8 hours per day x 21 days per month = $ \nuse the $ answer above to fill in the…

gross income $20 per hour x 8 hours per day x 21 days per month = $ \nuse the $ answer above to fill in the blanks below\n1. income tax: gross income $ ____ x 15% = $\n2. cpp: gross income $ ____ x 4.95% = $\n3. el: gross income $ ____ x 1.88% = $\n4. union dues: income $ ____ x 1% = $\npaycheque deductions (add 1 - 4)$\ngross income (top row) - paycheque deductions\n= net monthly income$

gross income $20 per hour x 8 hours per day x 21 days per month = $ \nuse the $ answer above to fill in the blanks below\n1. income tax: gross income $ ____ x 15% = $\n2. cpp: gross income $ ____ x 4.95% = $\n3. el: gross income $ ____ x 1.88% = $\n4. union dues: income $ ____ x 1% = $\npaycheque deductions (add 1 - 4)$\ngross income (top row) - paycheque deductions\n= net monthly income$

Answer

Explanation:

Step1: Calculate gross income

$20\times8\times21 = 3360$

Step2: Calculate income tax

$3360\times15%=3360\times0.15 = 504$

Step3: Calculate CPP

$3360\times4.95%=3360\times0.0495 = 166.32$

Step4: Calculate EI

$3360\times1.88%=3360\times0.0188 = 63.168$

Step5: Calculate union dues

$3360\times1%=3360\times0.01 = 33.6$

Step6: Calculate pay - cheque deductions

$504 + 166.32+63.168 + 33.6=767.088$

Step7: Calculate net monthly income

$3360-767.088 = 2592.912$

Answer:

  1. Income Tax: $504$
  2. CPP: $166.32$
  3. EI: $63.168$
  4. Union Dues: $33.6$ Paycheque Deductions: $767.088$ Net Monthly Income: $2592.912$