Video instructions and help with filling out and completing Why Form 8453 S Deductions

Instructions and Help about Why Form 8453 S Deductions

All right so now that we have our gross monthly salary we are going to talk about deductions so deductions are the things that they take off of our paychecks to go towards certain things now there's some things in Canada that we have to pay deductions on one of them is called the Canadian pension plan now I'm not going to go into detail about every single thing that we have on the page they'll be a thing there'll be a section at the bottom that will show what each deduction is and how I arrived at the numbers another one you'll see on there is employment insurance those will probably be some of the main ones that you would see all right so what does all this mean it means that a percentage of your paycheck is going to go towards all of this stuff now typically what ends up happening for most people is they lose roughly about thirty to thirty five percent of their paycheck towards these things okay so these are the numbers that we're going to use let's go with 35 percent specifically okay so one thing we have to do if you remember from calculated percentages we can't take 35 per 10 percent as a number so we have to turn it into a decimal so that we can calculate with it so we need to turn 35 percent into a decimal well 35 percent is out of the total of 100 percent okay so if we go divided these two numbers we would get 0.35 that's the number we want to use to figure out the percentage of a number so remember if we go back to our gross monthly $2,600 we're going to take that and when we find out the percentage of a number we times by that number all right so we're going to take $2,600 and we're going to multiply it by 0.35 we get nine hundred and ten dollars all right so that is a deduction and that is how much would come off our paycheck from this amount all right and we'll talk about that in the next video