2.1 Standard Deductions

What does EI stand for as a deduction?

• Eggplant Ingestion
• Electricity Invention
• Eggs Incorporated

• Employment Insurance

What does CPP stand for as a deduction?

• Canada Pension Plan
• Central Processing Power
• Certified Public Planner
• Corporate Profit Percentage

True or False? You're taxed at a higher % for income tax if you make more.

• True
• False

Gross pay is

• Amount of money saved
• A high amount of pay

• Total amount of money before deductions or taxes
• Money received after taxes

Net pay is

• the amount of money an employee takes home after taxes and deductions
• the amount of money an employee receives after bonuses and incentives
• the amount of money an employer pays to the employee
• the amount of money an employee earns before taxes and deductions

Amanda has an annual salary of $78,000. How much EI will be deducted from her pay this year?

• $1349.40

• $780.36

• $548.28

• $839.74

Amanda has an annual salary of $78,000. How much will be deducted for CPP this year?

• $3861.00

• $2217.60

• $1654.58

• $2810.57

Amanda has an annual salary of $78,000. How much will be deducted for income tax?

• $27,300

• $18,720

• $24,180

• $20,160

Mitchel has an annual salary of $38,000. How much will be deducted for EI?

• $583.28

• $657.40

• $780.36

• $859.47

Mitchel has an annual salary of $38,000. How much will be deducted for CPP?

• $1573.58

• $1881.00

• $2217.60

• $3863.29