1. 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. 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 ) = $1281.00 2.Car (Feb. 19 th )= $361.00 3.Car insurance (Feb. 1 st ) = $112.00 Weekly Expenses 1.Food (Feb. 5 th, 12 th, 19 th, 26 th = ~$86.00

2. 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

3. 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

4. Deductions from your pay

5. Complete the Calculating Gross Income Worksheet

6. Correct the Gross Income WorksheetGross Income Worksheet

7. Payroll Deduction Tables How to read a payroll deduction tabletable

8. Complete the Payroll Deductions below NameWeekly Gross Pay $ EI $ CPP $ Taxable Earnings $ - (CPP+EI) Claim Code Income Tax $ Net Pay $ John265 1 Paul 350 8 Madison 480 3 Vanessa 263 5

9. Are there other deductions? Discussion

10. Using the handout fill in the tax ranges

11. Complete Calculating Deductions ChartCalculating Deductions Chart