Using the information from this unit, determine, in your opinion, the purchasing power and potential standard of living

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Using The Information From This Unit Determine In Your Opinion The Purchasing Power And Potential Standard Of Living 1 (97.2 KiB) Viewed 31 times

Using the information from this unit, determine, in your opinion, the purchasing power and potential standard of living Josiah can have based on his disposable income. Patrick (he/him) is a school monitor with Toronto District School Board. He makes $67700 gross annually. He is paid monthly. He also receives 4% vacation pay per paycheque. His essential monthly expenses are as follows: Please consider this for CPP & IE: CPP max: $2,593.80 IE max: $858.22 Item Cost (S) Rent $950 Food $250 Utilities $300 Internet $90 Transportation $300 Child care $700 Show your work for the following calculations: 1. Vacation pay (4%) 2. CCP and EI deductions (4.95% & 1.66%) 3. Taxable income 4. Federal and provincial tax 5. Annual net income 6. Monthly net income 7. Monthly expenses 8. Disposable income Federal tax brackets. 15% on the first $46,605 of taxable income+ 20.5% on the next $46,603 of taxable income (on the portion of taxable income over $46,605 up to $93,208)+ 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489)+ 29% on the next $61,353 of taxable income (on the portion of taxable income over 144,489 up to $205,842)+ 33% of taxable income over $205,842 Provincial tax brackets 5.05% Bold text on the first $42,960 of taxable income +