[IRE339H1] - Final Exam Guide - Everything you need to know! (30 pages long)

• School: UTSG
• Department: Employment Relations, Centre for Industrial Relations and Human Resources
• Course: IRE339H1
• Professor: Frank Reid

Document Summary

Payroll taxes are taxes on earnings which are levied on employees (ee) and/or employers. Government of canada, levies two main payroll taxes: employment insurance (ei, canada pension plan (cpp) Government of ontario also levies two payroll taxes: workers" co(cid:373)pe(cid:374)satio(cid:374) (cid:894)wc(cid:895), ad(cid:373)i(cid:374)istered (cid:271)y workers afety & i(cid:374)sura(cid:374)(cid:272)e board (wsib, employer health tax (eht) Proposed payroll taxes: ontario retirement pension plan (orpp) Proposed sept 2014 by government of ontario: enhanced cpp. Proposed june 2016 jointly by government of canada and provincial governments. Cpp: (cid:449)ell ru(cid:374) pe(cid:374)sio(cid:374) pla(cid:374) the (cid:271)e(cid:374)efits are(cid:374)"t ge(cid:374)erous e(cid:374)ough: (cid:862)let"s (cid:373)ake it (cid:271)igger(cid:863) The maximum ei insurable earnings for the year 2016 is ,800 (called the earnings ceiling). Employers and employees only contribute on earnings up to the ceiling. The maximum employee ei contribution in 2015 is 1. 88% (,800) =/yr. Employer contribution rate is 1. 4 times the ee rate. Employer ei contribution rate is 1. 4 (1. 88) =2. 632%