Since more jobs were lost by lower income workers, fewer were included in the calculation. What is CFIB doing? While payroll tax increases negatively affect your bottom line in any year, doing so during a pandemic, when one in three small businesses is losing money everyday, is making things even worse.
All wages, salaries, tips and gratuities are considered insurable earnings. Any payment that is controlled by your employer is typically considered an insurable earning.
Insurable earnings are all of those reported on your earnings statement prior to your deductions. Other types of payments from an employer that are considered insurable earnings include to name just a few :. Starting January 1, , the maximum insurable earnings and benefit rate for employment insurance are both going up. However, this is the cap on insurable earnings, which means that any money you make above this threshold will not add to the employment insurance premiums you need to pay.
Quebec has its own employment insurance plan, which also covers maternity, parental and paternity leave, called the Quebec Insurance Plan. Your employer includes your insurable earnings on your T4 automatically, and they withhold your premiums in every pay period. Blog Payroll Management. Payroll Management. Continue reading. Global Payments: Balancing Convenience with Security. Payment Gateways vs. Payment Processors: Understanding the differences. Payment Processors: Understanding the differences Payments Sep 22, Contact Us Sales: hello knitpeople.
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