Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An employee earns $58,630 bi-weekly. She has just received a 3% pay increase, effective the current pay period. In addition, she is entitled to three

An employee earns $58,630 bi-weekly. She has just received a 3% pay increase, effective the current pay period. In addition, she is entitled to three weeks vacation, which is paid to her with each pay period. Her employer provides benefits for life insurance and group medical; premiums for her life insurance are $150 per pay frequency and for group medical, her premium is $1,300 per annum. Note: The cost for both programs are shared 50/50. The following are additional deductions from her pay, each bi-weekly period; $60 for union dues and $95 for repayment of a loan, Note: Assume income taxes are calculated at a combined rate of 22%. Required: a) Determine the employees Net Pay for one bi-weekly pay period. b) What is the total liability to the CRA for statutory remittances.

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

The Credit Risk Of Complex Derivatives

Authors: Erik Banks

3rd Edition

1403916691, 9781403916693

More Books

Students also viewed these Accounting questions

Question

Explain why 4NF is a normal form more desirable than BCNF.

Answered: 1 week ago