An employee pays no CPP premiums once past $47,200 in gross earnings for the year.
40) Like EI, CPP has a maximum deduction per year.
41) The CPP premium rate is currently 3.2% of gross earnings.
42) The EI premium rate is currently 2.7% of gross earnings.
43) The formula for computing CPP Premiums to be deducted from an employee's weekly pay is (Gross Pay - 67.31) x 4.95%, subject to maximum premium per year.
44) The formula for computing EI Premiums to be deducted from an employee's weekly pay is Gross Pay x 1.8%, maximum $67.31.
45) Maximum contributions for CPP, EI, and Income Tax change on an annual basis.
46) Companies can choose different pay periods for hourly workers versus salary workers.
47) Net pay is equal to gross pay less deductions.
48) A maximum limit is set for all income tax deductions.
49) All employees must contribute to provincial and federal income tax.
50) All provinces use the same percent for their income tax rate.
51) Gross pay is the amount that the employee takes home.
52) Regular earnings are equal to total earnings less deductions.
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