Question
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
Get Instant Access to Expert-Tailored 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