Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

COMMISSION EARNINGS Penny works for TSX in Ontario where she is a commissioned salesperson. TSX pays their commissioned salespeople on a straight commission of sales

image text in transcribed

image text in transcribed

COMMISSION EARNINGS Penny works for TSX in Ontario where she is a commissioned salesperson. TSX pays their commissioned salespeople on a straight commission of sales method at 0.85%. Penny is owed her monthly commission payment based on $475,000.00 of products sold. She did not receive an advance. Penny's TD1 federal and provincial are claim code 2. She will not reach the CPP, and Employment Insurance annual maximums this pay period. Use this information to calculate questions 8-13. Use 2021 rates. Calculate the Federal income tax using the CRA payroll deduction tables. Answer: Calculate the Provincial income tax using the CRA payroll deduction tables. Answer: Calculate Penny's net commission pay. COMMISSION EARNINGS Penny works for TSX in Ontario where she is a commissioned salesperson. TSX pays their commissioned salespeople on a straight commission of sales method at 0.85%. Penny is owed her monthly commission payment based on $475,000.00 of products sold. She did not receive an advance. Penny's TD1 federal and provincial are claim code 2. She will not reach the CPP, and Employment Insurance annual maximums this pay period. Use this information to calculate questions 8-13. Use 2021 rates. Calculate the Federal income tax using the CRA payroll deduction tables. Answer: Calculate the Provincial income tax using the CRA payroll deduction tables. Answer: Calculate Penny's net commission pay

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

Electronic Waste An Actual Gold And Silver Mine

Authors: Antonio Alcivar

1st Edition

979-8367641059

More Books

Students also viewed these Finance questions