Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An employee earns $55,000 per year and is paid on a semi-monthly pay schedule. The employee enjoys the benefit (taxable) of a company paid cell
An employee earns $55,000 per year and is paid on a semi-monthly pay schedule. The employee enjoys the benefit (taxable) of a company paid cell phone for personal use (cost is $150 per month) and receives 6% vacation pay on each payment. This pay cycle included 15 hours of approved overtime worked over the normal 40 hour work week and a reimbursement for travel expenses in the amount of $434.20 (remember this is a non-taxable allowance). The employee contributes 5% of their regular wages to a Registered Retirement Savings Plan each pay cycle. e) The employee is 32 years old and has contributed $460.37 to Employment Insurance so far this year (meaning the employee has not reached the 2021 max amount). Calculate the Employment Insurance premium. 2 marks
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started