5. here is a weekly pay stub: (3 marks)\ndescription amount ($)\ngross pay 720.00\nincome tax 88.00\ncpp…

5. here is a weekly pay stub: (3 marks)\ndescription amount ($)\ngross pay 720.00\nincome tax 88.00\ncpp 36.00\nei 14.00\n. calculate the total deductions.\n. calculate the net pay.\npart c: reflection (2 marks)\n8. why is it important to understand your pay stub and how your net pay is calculated?

5. here is a weekly pay stub: (3 marks)\ndescription amount ($)\ngross pay 720.00\nincome tax 88.00\ncpp 36.00\nei 14.00\n. calculate the total deductions.\n. calculate the net pay.\npart c: reflection (2 marks)\n8. why is it important to understand your pay stub and how your net pay is calculated?

Answer

Explanation:

Step1: Identify deduction amounts

Income Tax = 88.00, CPP = 36.00, EI = 14.00

Step2: Calculate total deductions

Total Deductions = 88.00 + 36.00+14.00 = 138.00

Step3: Calculate net pay

Net Pay = Gross Pay - Total Deductions = 720.00 - 138.00 = 582.00

Step4: Answer part C

Understanding pay - stub helps in financial planning, ensuring correct deductions, and detecting errors.

Answer:

Total Deductions: 138.00 Net Pay: 582.00 For the reflection question: Understanding your pay - stub and net - pay calculation is important for financial planning, ensuring correct deductions, and detecting errors.