Thursday, October 25, 2007

payroll deductions

Yesterday in class we basically left off where we started.. We are now learning about payroll deductions. First we started off with the CPP, EI, and also the Income taxes. and now we are adding other things like insurances, dental plans, and union dues. for example when you have union dues they don't get taxed. Just as we did the other day.. Here's an example:
Find Al Passey's net pay for the week. His claim code is 7, his weekly salary is $385.00, and he pays union dues of $3.80, a dental plan premium of $1.85, and the usual CPP, EI, and income tax deductions. He is paid weekly.
gross: $385.00
CPP - $15.73
EI - $6.93
(gross pay)$385.00 - $3.80(union dues) = $381.20
Federal Tax - 0
Provincial Tax - $2.65
Dental Plan - $1.85
$15.73 + $6.93 + $2.65 + $1.85 = $27.16
$385.00 - $27.16 = $357.84
note: the union dues didn't count for the federal tax and the provincial tax

7 comments:

ellyse said...

Hey!!

Thats awesome that you are learning about payroll deductions. I can remember when I was learning about them in math and I found that section very interesting, until I got a job and those deductions kept coming off of my pay cheques. Then I definatly didn't find it too interesting. Do you find that you understand math better when you are able to blog about it on the web? I wasn't much of a math person but I think that if I had a website to post and ask questions about when I had math class, I would have done better. Your definatly lucky!

Ellyse Haas
U of R Mentor

Irma said...

Good job on explaining what you did in class. You will see that you will remember something that you have explain to somebody else or put it on your blog so much better. Keep up the good work.

This section that you do in class now is so important. One day when you earn your own money you need to know where every dime is going. You work hard for your money and you should be the one that has control over it and the first thing to understand is where the money is going that has been deducted and how much will be deducted.

Muller
U of R Mentor

Anonymous said...

Payroll deductions sound very interesting to learn about! I don't remember if I ever learned about any of that when I was in high school. I kind of wish I had so I could understand why it seems like a paycheck should be large but it shrinks from the amount of deductions. Hope your are having fun in class!

Unknown said...

Hello!
It's so great that you are learning about that kind of stuff since it definitely applies to your life! i wish that someone had taught me about all of those deductions, maybe then I wouldn't have had a heart attack when I got my first pay cheque and it was all gone through taxes! The only good thing I can say is that luckily for us we get most of them back since we're students! Keep working hard on this stuff because it is really beneficial to you! You're very lucky to be learning about it!

Heidi K (Mentor)
University of Regina

Anonymous said...

Hi Kayti,
It really seems like you are understanding consumer math dealing with payroll deductions. It is crazy how many deductions there is on a pay check. These things really cut back your weekly or monthly pay check. Have you ever had to deal with any kinds of pay checks yet? If you haven't you can see a similar thing when you go to buy some new clothes and instead of taxes getting taken away from the price like it does on your pay check it is getting added on to the cost of the clothes. I guess both ways it is less money in your pocket.
(I guess that just means you gotta find those sales)

Lacey S (mentor)
University of Regina

Unknown said...

Hi,
It is so awesome that you are learning about payroll deductions. I know when I have my first job I was wondering where the rest of my money was I couldn't quite understand why I had so much money taken off my cheques. You are very luckily to have the chance to learn this in school. You also did a very good job at explaining this concept and made it easy to understand. I am sure you will learn a lot more yet in this class that will benefit you in the future.

Crystal F.(Mentor)
University of Regina

Anonymous said...

Hey Kayti,
Nice job with explaining payroll deductions. I don't recall ever learning about that in my high school math classes, and like Crystal when I got my first paycheck I was wondering where my money went. But having a banker for a father I was taught this out of school after that. But back on topic, it really great your learning how to find the deductions off your pay, then you can tell if your employer is shorting you any money. Hope your doing well in your class.

Evan T (Mentor)
University of Regina