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What does CIT taxable mean?

\u2022 CIT (Canadian Income Tax) \u2013 includes both federal and provincial income taxes. \u2022 CPP (Canada Pension Plan) \u2013 the contribution rate is split equally between the employee and the employer, and only applies to earnings up to the Year's Maximum Pensionable Earnings (YMPE) set by the federal government.

How is taxable income calculated?

Taxable income is calculated by adding up all sources of income, excluding nontaxable items, and subtracting credits and deductions.

What are the four types of deductions from a pay stub?

Federal Income Tax. The employee decides how much of each paycheck is taken out on their W-4 form for their federal income taxes. ... State Income Tax. State taxes are like the federal income tax. ... Social Security (FICA) ... Medicare Tax (FICA) ... Insurance Policy Deductions. ... Retirement Deductions.

How do I check my pay stub?

Ask your employer where you can find your pay stub Ask your manager or the human resources department where you can locate them electronically. Typically, companies who house them electronically have them on a payroll service website which requires an employee login and password.

How do I use pay check?

How to Write a Check Step 1: Date the check. Write the date on the line at the top right-hand corner. ... Step 2: Who is this check for? ... Step 3: Write the payment amount in numbers. ... Step 4: Write the payment amount in words. ... Step 5: Write a memo. ... Step 6: Sign the check.

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