Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10:23 Rippling Waters rents canoes and other water crafts to campers and hikers. On August 15, 2019, Rippling Waters prepared their semi-monthly payroll for their

10:23 Rippling Waters rents canoes and other water crafts to campers and hikers. On August 15, 2019, Rippling Waters prepared their semi-monthly payroll for their employees. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 18%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for August 15, 2019 is listed below. Total Hourly Health Employee Hours Rate Care M. Swift 87.0 $16.00 $19.00 S. Current 75.0 $14.00 $17.00 B. Wavey 77.0 $16.00 $22.00 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. ?D Employee Gross Income Tax CF M. Swift $ S. Current Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. Employee Gross Income Tax CPP. Payroll Register Deductions M. Swift S. Current $ B. Wavey $ Total 6 Health Care $ Total Deductions LA LA A A A SA Payroll Register Deductions Gross Income Tax CPP* Health Care Total Deductions Net Pay ir signs or commas in the input boxes. er to 2 decimal places. and net pay for each employee. 6 *Remember to properly account for the $3,500 exemption b) Calculate the employer contributions. Employer Contributions CPP Health Care $ Check Note: The "check" button does not submit your attempt.To submit the attempt, go to the end of the quiz and click on the "submit all and finish" button

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

Cima Official Exam Practice Kit Financial Operations

Authors: Jo Watkins

5th Edition

1856177335, 978-1856177337

More Books

Students also viewed these Accounting questions

Question

What is database?

Answered: 1 week ago

Question

What are Mergers ?

Answered: 1 week ago