Question
1.Harvinder's employer provides her with a defined benefit pension plan that earns her a flat pension benefit amount of$51.00per month of service. She worked all
1.Harvinder's employer provides her with a defined benefit pension plan that earns her a flat pension benefit amount of$51.00per month of service. She worked all of2020. Calculate her pension adjustment for2020.
2.Calculate the total remittance due to the Canada Revenue Agency where the total employee contributions to Canada Pension Plan were$15,200.00, Employment Insurance premiums were$6,080.00, federal taxes were$23,450.00and provincial taxes (non-Qubec employees) were$17,600.00. The employer has a reduced rate for employer contributions to Employment Insurance of1.269.
3.The following amounts were withheld from employees' pay cheques during the current statutory deduction remittance period: Canada Pension Plan contributions of$4,590.00, Employment Insurance premiums of$1,730.00, federal income tax of$14,840.00and Saskatchewan provincial income tax of$11,760.00. This employer doesnotqualify for a reduced Employment Insurance rate. Calculate the total amount that must be remitted to the Canada Revenue Agency for the current remittance period.
4.Sharon contributes5%of her annual earnings of$40,000.00to her defined contribution pension plan. Her employer matches her contributions. Calculate Sharon's pension adjustment.
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