Question

1. here is a weekly pay stub: (3 marks)

description amount ($)
gross pay 720.00
income tax 88.00
cpp 36.00
ei 14.00
. calculate the total deductions.
. calculate the net pay.
part c: reflection (2 marks)

1. why is it important to understand your pay stub and how your net pay is calculated?

Explanation:

Step1: Identify deduction amounts

Income Tax = 88.00, CPP = 36.00, EI = 14.00

Step2: Calculate total deductions

Total Deductions = 88.00 + 36.00+14.00 = 138.00

Step3: Calculate net pay

Net Pay = Gross Pay - Total Deductions = 720.00 - 138.00 = 582.00

Step4: Answer part C

Understanding pay - stub helps in financial planning, ensuring correct deductions, and detecting errors.

Answer:

Total Deductions: 138.00
Net Pay: 582.00
For the reflection question: Understanding your pay - stub and net - pay calculation is important for financial planning, ensuring correct deductions, and detecting errors.