Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 5 % IN THE FINAL DUE ON FEB 1 4 th , 202 1 BEFORE 11.59 PM Spieth Company employees had the following earnings

15% IN THE FINAL DUE ON FEB 14th, 2021BEFORE 11.59 PM

Spieth Company employees had the following earnings records at the close of the November 30, SEMI-Monthly payroll period.

Name o the Employee

Weekly hours

Hourly Rate

Scott

80

16.50

Quageber

70

18.50

Flint

65

20.00

Okonkwo

85

22.50

Linea

90

25.00

Spieth Company's payroll taxes expense for each employee include: 5.25% CPP on the annual pensionable earnings. ( with the first $3,500 exempt), and 1.4 times the employees EI rate of 1.58%. As well, 15% federal and 5.05% provincial income taxes will be deducted from the employees' gross pay. Calculate the following for each worker.

1. Determine the amount of Gross Earnings

2. Determine the amount of Pensionable Earnings

3. Determine the amount of contributory Earnings

4. Determine the amount of insurable Earnings

5. Determine the amount of Taxable Earnings

6. Determine Employee CPP deduction

7. Determine Employee EI deduction

8. Determine Federal tax deduction

9. Determine Provincial tax deduction

10. Determine Total tax Deductions

11. Total employee deductions

12. Employer CPP contribution

13. Employer EI contribution

14. Employer total Benefit expense

15. Employer payroll liability

16. Net Pay

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

24th Edition

1260158608, 9781260158601

More Books

Students also viewed these Accounting questions

Question

Explain the need for remedial basic skills training programs

Answered: 1 week ago

Question

Describe a typical interpersonal skills training program

Answered: 1 week ago