Unlocking the Power of Digital Signature Licitness for Payroll Deduction Authorization in European Union

How to eSign a document: digital signature licitness for Payroll Deduction Authorization in European Union

[Music] thank you Hello everybody welcome back to another episode of your FS Matrix Navigators today I would like to show you how to fill out the payroll deductions online calculator on the CRA website this is a really handy tool if you're trying to figure out which deductions taxes CPP EI that need to be deducted from your employees payroll so on the home page here it just gives a few notes for you to read through gives you a couple updates if you're having any issues how to fix it and then you click I accept to use the calculator once you are here you will choose which type of calculation you are doing so salary would be the most common that's for your hourly workers um a commission only if they have the form td1x pension and then verify CPP contributions and bi premiums we're going to click salary then click next from here you don't have to put the employee's name um it's just an option but you do need to select these three here so we're going to select Ontario let's say the pay frequency is bi-weekly that's the most common and the date the employee is paid so let's say it's today 2023 we are the fifth month and it is the 26th day click next from here you will put what their gross income is so let's say it's a thousand dollars [Music] did they receive any type of bonus click one of these and no bonus and here you have the option of checking anything that applies so taxable benefits and allowances provided to your employee so this could be parking cell phone use internet use Etc any employers contributions to the employees are a scheme any of the employees contributions to rrsps or rpps any Union news annual deduction for living in a prescribed Zone like this little question mark here it'll give you a bit more details on what the prescribed zones are um other deduction and non-refundable tax credit amounts approved by a tax service office number of dependent children age 18 years or under and or a number of dependents with the mental or physical impairment alimony or maintenance payments this isn't your wages are being garnished by court order not any taxes exemptions for indigenous people if employment income is situated on a reserve and in 2023 the employer deducted qpp so for Quebec contributions before transferring employee to another profits in our case we're going to not thank you now if you are a member of the clergy you can select one of the following healthy benefits housing allowance no housing benefit or allowance or just no selection we're going to click no selection then you click next [Music] from here you can claim the Employee's Federal and provincial or territorial quarantine one um or you can choose the employees federal and provincial or territorial form td1s claim codes we're just going to select the top one now this is the most common amount that will be claimed on the form td1 if your employee puts something different on their form then that's where you can put it here if you'd like to request any additional tax deductions that were requested on the form you can put it here and then this is the total claim amount from employees provincial or territorial form detail right here we're going to do the year to date amount for your CPP so you can either choose the CPT maximum annual contribution has been reached so this means they have already contributed as much as they can for the year or their exams or their year to date the number of pensionable months 12. now this is where you start to input your own information so pensionable earnings are to date let's say there's been fifteen thousand already earned CPP contribute contributions conducted here to date let's say there's been five hundred dollars Now we move on to employment insurance or EI and they reach their maximum are they exempt or do you need to put a year together for their insurable earnings to date we're gonna say it's the same thing as the vegetable earnings fifteen thousand and fee deductions to date let's say 200. so now we move on to the employer bi premium rate so this is what the employer pays on the employees pay stub it is their uh payroll liability to the CRA so in most cases the employer pays 1.4 times what the employee pays now there could be an agreement where there's a reduced rate between the employer and the employee but in most cases it would just be 1.4 times is the legal General amount so we've inputted all of our information we're going to click calculate [Music] so here we have our pay frequency date The Province and then the federal amount and the provincial match they earned a thousand dollars so total a thousand dollars their pensionable earnings for the pay period and their insurable earnings would both be a thousand dollars the federal tax deduction 4540 provincial tax deduction 35.57 this line here tells you the total tax deductions so these two act together we have our CPP deductions here EI deductions tells you what your total deductions are and this is your net amount so this is the amount that your employee would actually get paid on every paycheck it also gives you a couple year-to-date amounts so for example they had earned 15 000 up to this point now with this thousand dollars they've earned 16 000 gross CPP they had paid 500 at this point after contributing 51.49 they have contributed 551.49 and so on as you can see here and this gives you a little estimate So based on the pensionable months entered which would be 12 the employee and the employer CPP contribution maximum for the year with amount now this is not to be used as a statement of earnings this is simply as a educational tool for you to use for your calculations now let's say as an employer you would like to see what you need to contribute on this pay step so you can click employee removed summary [Music] once you are here it tells you the employee contribution the employer contribution for CPP it is the same amount so this is what would be part of your payroll liability then it tells you your EI employee employer as I mentioned before employer pays 1.4 what 1.4 of what the employee paid so 16 30 times 1.4 would be 22.82 so now we have the total of EI contributions then there's the tax deductions that would be Federal and provincial tax deductions so for this one pay stub you as an employer would be required to permit this to the CRA this would be your payroll liability [Music] and this gives you a little breakdown of what I just said um how the CPP is equal between the employer and employee the EI the employer pays for four times and again not to be a certain statement of earnings now let's say we wanted to print this so let's go to previous we would like to print this entire page down here you can either review results in PDF or view combined results in PDF let's say combined so that we have the employee and the employer it'll download here you can open it up and there you have it so this was the employee section the year-to-date amounts and the employer repentance summary [Music] now you've finished this one but you have two more employees so at the bottom you can simply say next calculation by doing this it keeps your selections here so you don't need to input that again you can just put it next and then you would type in the individual amounts for your next employee I hope this has helped and you have a wonderful day