Question

Ali's gross annual pay is $19 163.
Employment insurance premiums
are deducted at a rate of 2.25% and
Canada Pension Plan premiums are
3.75% based on total earnings. He
pays income taxes at a rate of 17%
on all amounts over $8131. What is
Ali's Net Pay for the year?​

Answer 1

Step-by-step explanation:

Explained in the image

Answer 2

Given :  Ali's gross annual pay is $19163.  Employment insurance premiums  are deducted at a rate of 2.25% and  Canada Pension Plan premiums are  3.75% based on total earnings. He  pays income taxes at a rate of 17%  on all amounts over $8131

To find : Ali's Net Pay for the year

Solution:

Ali's gross annual pay =  $19163

Employment insurance premiums  are deducted at a rate of 2.25% and

Canada Pension Plan premiums are  3.75% based on total earnings.

Total Deduction = 2.25 + 3.75  = 6 %

Deduction = (6/100) 19163  = $ 1149.78

He  pays income taxes at a rate of 17%  on all amounts over $8131.

Income tax = ( 17/100)(19163 - 8131)  = $ 1875.44

Net Pay  =  19163 -  1149.78  - 1875.44

= $ 16,137.78

Ali's Net Pay for the year  =  $ 16,137.78

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