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Mary earns an annual salary of $44,550.00 in Alberta and is paid bi-weekly basis.She receives a...

Mary earns an annual salary of $44,550.00 in Alberta and is paid bi-weekly basis.She receives a $75 car allowance each pay.Her owner pays 100% of the premium for it's employees group term life insurance coverage.The premium the company pays for Mary's coverage are a non-cash taxable benefit of $18.00 per pay.Mary contributes 4% of her salary to company's registered pension plan.Her federal and Alberta TD1 claims code are 1.Calculate her total income tax deduction for this pay period.

Solutions

Expert Solution

Computation of income of Mary and tax deduction:

Annual Salary                                                                                       44550

Car Allowance    (52/2 * 75)                                                                   1950

Non cash taxable benefit 52/2 * 18                                                      468

total                                                                                                 46968

feberal claim:

td1 $ 12298.00

Alberta claim codes;     $19369.00

ekkarill92 answered 1 year ago
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