CPP, EI and Income Tax are statutory deductions. 30) A TD1 Claim Code represents a certai
CPP, EI and Income Tax are statutory deductions.
30) A TD1 Claim Code represents a certain amount of a person's income that will be considered tax exempt.
31) The Income Tax, EI and CPP tables are found on the Canada Revenue Agency website.
32) The employer is responsible for verifying the claims made by employees on TD1 Forms.
33) The higher the TD1 code a person claims, the less income tax is paid.
34) Gross pay is the amount that the employee takes home.
35) The CPP premium rate will be the same every year.
36) Like CPP, Federal Income Tax has a cut-off point where there is no longer Income Tax withheld.
37) Income Taxes have no maximum amount.
38) All provinces use the same rates for Income Taxes.