If Ramzi Earned $46 000 from Employment,approximately How Much Will

question 78

Multiple Choice

If Ramzi earned $46 000 from employment,approximately how much will his employer deduct for his CPP contribution? (YMPE $52 500; YBE $3500)

• A)$207.
• B)$1912
• C)$3825
• D)$4140

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Definitions:

Tax Treatment

The specific way tax laws are applied to an individual's, company's, or transaction's income, assets, or activities.

Long-term Incentive Pay

Compensation awarded to employees for achieving strategic objectives that contribute to the company's long-term performance.

Loan Loss Provision

An expense set aside as an allowance for uncollected loans and loan payments, reflecting anticipated losses in the loan portfolio.

Bad Debt Expense

An expense reported on the income statement, representing the portion of receivables that is estimated not to be collectible.