COMMERCE 2BC3 Chapter Notes - Chapter 10: Tax Rate, Pension, Disability Insurance
5 Jan 2017
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Employee benefits: part of an organization"s total compensation package and include both mandatory government-sponsored benefits and voluntary benefits such as life and disability insurance, extended health coverage, additional vacation pay and a range of other options. Marginal tax rate: the percentage of an additional dollar of earnings that goes to taxes. Canada/quebec pension plan (cpp/qpp): a mandatory government-sponsored pension plan funded by employers and employees that provides a basic level of income security for working. Private group insurance: medical and disability insurance, not legally required to be offered by employee. Extended medical insurance: i. e. hospital services (private room coverage), dental care, vision care, prescription drugs. Short term disability plan (std): benefits plans that provide income security to employees for short periods of absence from work do to non-work related illness or injury. Long term disability plan (ltd): a form of income for longer periods of absence from work due to non-work related chronic illness or disability.
