Federal Taxes |
|
|
|
|
|
|
Tax brackets and rates |
|
|
|
|
Annual salary |
|
|
|
|
|
|
|
# of pay periods |
|
Federal Tax rates for 2022 Tax year: |
|
Tax bracket |
Each pay period |
|
This pay period |
|
Tax Rate |
Taxable Annual Income |
Amount ($) in each tax category |
|
|
|
Allocation to each bracket |
|
15% |
$50,197, and |
50,197
|
1 |
2,092
|
|
|
|
20.5% |
$50,198up to $100,392, and |
50,195
|
2 |
2,091
|
|
|
|
26% |
$100,393up to $155,625 and |
55,233
|
3 |
2,301
|
|
|
|
29% |
$155,625up to $221,708 and |
66,083
|
4 |
2,753
|
|
|
|
33% |
$221,709and up |
to calculate based on income |
5 |
to calculate |
|
|
|
|
|
|
|
|
|
Tax amount calculation |
|
|
|
|
|
|
|
Bracket |
|
|
|
|
|
|
|
1 |
|
Pay period |
Semi-monthly |
|
|
|
|
2 |
|
# of periods /year |
24 |
|
|
|
|
3 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cover page Student Name: Student number: Read this first Instructions 1In each spreadsheet, enter data only in the cells highlighted in gray. 2Relevant data is provided in the handout. 3Upload this completed workbook to the designated assignment folder in eConestoga 4All submissions must take place before the due date and time. Grading Rubric Required #Maximum marksStudent marks One20 Two30 Three10 Four5 Five 15 Total800 REQ 1 REQUIRED ONE Fed tax calc Federal TaxesEmp1Emp2Emp3Emp4Emp5Marks Tax brackets and ratesAnnual salary # of pay periods Federal Tax rates for 2022 Tax year:Tax bracketEach pay periodThis pay period Tax RateTaxable Annual IncomeAmount ($) in each tax categoryAllocation to each bracket 15% $50,197, and50,19712,092 20.5% $50,198 up to $100,392, and50,19522,091 26% $100,393 up to $155,625 and55,23332,301 29% $155,625 up to $221,708 and66,08342,753 33% $221,709 and upto calculate based on income5to calculate Tax amount calculation Bracket 1 Pay periodSemi-monthly2 # of periods /year243 4 5 Total- 0- 0- 0- 0- 010 Prov tax calc Provincial TaxesEmp1 Emp2Emp3Emp4Emp5Marks Tax brackets and ratesAnnual salary # of pay periods Ontario Tax rates for 2022 Tax year:Amount ($) in each tax categoryTax bracketEach pay periodThis pay period Tax RateTaxable Annual IncomeTax bracketAllocation to each bracket 5.05% First $46,226 and46,22611,926.08 9.15% $46,227 up to $92,454 and 46,22721,926.13 11.16% $92,455 up to $150,000, and87,54533,647.71 12.16% $150,001 up to $220,000, and 69,99942,916.63 13.16% $220,001 and upto calculate based on income5to calculate Tax amount calculation Bracket 1 2 Pay periodSemi-monthly3 # of periods /year244 5 Total- 0- 0- 0- 0- 010 REQ 2 REQUIRED TWO CPP Employee Annual SalaryThis pay periodCPP maxedBasic Exemption this pay periodCPP amt. -employeeCPP amt. employerDataMarks Emp 1Rate3 Emp 2CPP employee5.70%3 Emp 3CPP employer5.70%3 Emp 4Annual pay periods243 Emp 5Basic exemption - Annual 3,5003 Basic exemption this pay period145.83 Total0015 Sept 1-15 61,600.00 EI Employee Annual SalaryThis pay periodEI maxedEI amt. employeeEI amt. employerDataMarks Emp 1Rate3 Emp 2EI employee1.58%3 Emp 3EI employer1.4 times emploee contribution3 Emp 4Annual pay periods243 Emp 53 0015 REQ 3 REQUIRED THREE Net Pay Calculation Employee Gross earnings this pay periodFed taxProv TaxCPPEINet PayMarks Emp 12 Emp 22 Emp 32 Emp 42 Emp 52 Total10 REQ 4 REQUIRED FOUR Total payroll cost Employee Gross earnings this pay periodCPP - employerEI -employerPayroll Cost Marks Emp 11 Emp 21 Emp 31 Emp 41 Emp 51 Total5 REQ 5 REQUIRED FIVE Fringe Benefit Benefit name CostTotalReasonMarks 3Students to fill in the area denoted by grey cells 3 3 3 3 15