Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $1134.00. She needs to pay the following monthly expenses.

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Presentation transcript:

Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $ She needs to pay the following monthly expenses. How much disposable income will remain for Vanessa on the 14 th of the month and at the end of the month? Monthly Expenses 1.Rent (Feb. 3 rd ) = $ Car (Feb. 19 th )= $ Car insurance (Feb. 1 st ) = $ Weekly Expenses 1.Food (Feb. 5 th, 12 th, 19 th, 26 th = ~$86.00

Investigating Gross and Net Pay Learning Goals: I understand how to deduct taxes from my paycheck Success Criteria: use government tax tables to determine how much taxes I need to pay for Federal government, provincial government, CPP, and EI

Terms – Record on your definition sheet Gross Pay – is an employee’s total earnings before any deductions are taken off Deductions – are costs such as taxes that are removed from total earnings Net Pay or Take Home Pay – is the amount of money remaining after taxes are paid. Sometimes referred to as the take home pay

Deductions from your pay

Complete the Calculating Gross Income Worksheet

Correct the Gross Income WorksheetGross Income Worksheet

Payroll Deduction Tables How to read a payroll deduction tabletable

Complete the Payroll Deductions below NameWeekly Gross Pay $ EI $ CPP $ Taxable Earnings $ - (CPP+EI) Claim Code Income Tax $ Net Pay $ John265 1 Paul Madison Vanessa 263 5

Are there other deductions? Discussion

Using the handout fill in the tax ranges

Complete Calculating Deductions ChartCalculating Deductions Chart