Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Charlie, a salesman, earns $68,500 per annum. He is paid semi-monthly and qualifies under Claim Code 3. On May 1st he received a commission payment

image text in transcribed

Charlie, a salesman, earns $68,500 per annum. He is paid semi-monthly and qualifies under Claim Code 3. On May 1st he received a commission payment of $3,250 and on October 14, he received another in the amount of $7,500. These payments were made on a separate cheque and issued after his regular semi-monthly earnings. Required: Create an earnings record for Charlie supporting his payroll deductions, (refer to Lesson 5 for templates). In addition, specifically detail calculations for CPP, EI & Taxes that must be deducted for each of the commission payments. NOTE: required calculations using the 'bonus method for income tax can be referenced in the Employer Guide to Payroll Deductions & Remittances Answers: (input deductions on the commission payments only) May 1st Oct 31st CPP - EI - Total Taxes = Charlie, a salesman, earns $68,500 per annum. He is paid semi-monthly and qualifies under Claim Code 3. On May 1st he received a commission payment of $3,250 and on October 14, he received another in the amount of $7,500. These payments were made on a separate cheque and issued after his regular semi-monthly earnings. Required: Create an earnings record for Charlie supporting his payroll deductions, (refer to Lesson 5 for templates). In addition, specifically detail calculations for CPP, EI & Taxes that must be deducted for each of the commission payments. NOTE: required calculations using the 'bonus method for income tax can be referenced in the Employer Guide to Payroll Deductions & Remittances Answers: (input deductions on the commission payments only) May 1st Oct 31st CPP - EI - Total Taxes =

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

Finance And Occupational Pensions

Authors: Charles Sutcliffe

1st Edition

1349948624, 978-1349948628

More Books

Students also viewed these Finance questions