Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 ) Define what it is to have commission earnings. 2 ) Discuss the implications of working strictly on a commission basis. 3 ) Would

1) Define what it is to have commission earnings.
2) Discuss the implications of working strictly on a commission basis.
3) Would you rather work on a straight commission basis or a salary plus commission basis? Why?
4) How do you calculate commission?
5) What jobs can you think of involve commission and what are their rates of commission? (Provide three examples)
6) A real estate agent earns 2.4% on the sale of a house priced at $89,950. Calculate the amount of the commission.
7) Sammy is a sales clerk in a bicycle shop. He's paid $11.25/hour for a 37.5 hour week, plus a commission of 6% of his sales for the week. In one week Sammy's sales were $2319.75. Calculate Sammy's total earnings for the week.
8) Calculate the weekly gross pay for each of the following workers:
Name
Weekly Sales $
Commission Rate %
Weekly Salary $
Weekly Gross Pay
Kerry Saunders
11050.00
1.5
250.00
Mark Danover
10218.00
1.5
255.00
Chris Mendel
13562.00
2
275.00
Ron Brintner
11877.00
2
230.00
Patrick McQuigley
14415.00
1.5
195.00
Nathan Norish
12970.00
1.5
225.00
Rebecca Linate
9957.00
3
225.00
2. Net Pay and Deductions
Province: Manitoba (current year)
1) Elizabeth's weekly gross pay is $380.45. Her net claim code is 3. Her deductions are CPP, EI, and income tax. Using the CRA Tax Calculator (PDOC), calculate her net pay.
2) Use manual CPP and EI calculations. State the weekly deductions for CPP and EI according to the weekly income shown.
a) $385.91
b) $401.75
c) $493.00
3) Jason earns $328 weekly as an assistant in a printing shop and has net claim code 2. Determine Jason's take-home pay if he has other deductions of $8.19 in addition to CPP, EI, and income tax.
4) Arnold works as an apprentice electrician and is paid $10.50/hour for a 37.5 hour week with overtime paid at time-and-one-half. His net claim code is 1, and his other deductions total $16.84. Calculate Arnold's take-home pay for a week in which he worked 43 hours.

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

Accounting Principles Volume 1

Authors: Jerry A. Weygandt, Paul D. Kimmel, Donald E. Kieso

11th Edition

1118751752, 978-1118751756

More Books

Students also viewed these Accounting questions