how to calculate net income

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6 Terms

1
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Taxable income

gross- voluntary deduction (RSP, MSP, UNION DUES, ETC.)

2
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Net income

Gross income - deductions (everything)

3
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Deductions

CPP + EI + FEDERAL IT + PROVINCIAL IT + ANY OTHER VOLUNTARY DEDUCTIONS

4
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CPP

pay citizen an income once they’re 65

5
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EI

replacement income if u lose your job

6
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IT

Paying for government expenses