Answer Happy

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 +