Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Brown's Technology has three employees who work on an hourly basis and are paid semi-monthly. The current CPP rate is 5.95%, the current EI rate

Brown's Technology has three employees who work on an hourly basis and are paid semi-monthly. The current CPP rate is 5.95%, the current EI rate is 1.63%, and the appropriate income tax rate is 20%. Each employee contributes a portion of their pay to the United Way. The employer pays half the amount of the health care premium for the employees, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward EI. Payroll information for the period ending June 3, 2023, is listed below.

Employee Total Hours Hourly Rate United Way Health Care
Walking Out 80.00 $14.50 $8.00 $20.00
Running Thru 83.00 $15.00 $6.00 $18.00
Skipping Up 74.00 $16.00 $10.00 $16.00

The CPP Exemption is $3,500.

a) What is the total amount to be paid by the employer for Canada pension plan for the period?

b) What is the total amount deducted from the employees pay for the period?

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

Auditing Practices A Complete Guide

Authors: Gerardus Blokdyk

2023rd Edition

1038804450, 978-1038804457

More Books

Students also viewed these Accounting questions

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

2. Define the grand narrative.

Answered: 1 week ago