Question
Don Bedson is a welder who works for the Iron Strong Company in Winnipeg. Don is paid on a hourly basis at $19.45 per hour
Don Bedson is a welder who works for the Iron Strong Company in Winnipeg. Don is paid on a hourly basis at $19.45 per hour and normally works Monday to Friday, at 7 hours per day. During vacation time or peak periods, Don may work longer hours, and any hours in excess of 7 per day or 37 per week, he is paid at one-and-one-half times his regular rate of pay.
Don is paid on weekly basis every Monday, following his pay week, which runs from Sunday to Saturday.
Don has been a full-time employee with Iron Strong since January 5, 1984.
Don has a low interest loan with the company, which has a taxable benefit component of $6.38 for each weekly pay and a loan deduction of $268.00 each pay.
Iron Strong is a unionized company and all employees pay union dues on each pay which are equal to their current rate per hour.
Iron Strong also pays life insurance coverage for all employees and the taxable benefit is added on to each weekly pay. For Don, his life insurance premium is $10.44 per month.
Don also pays $50.00 per pay to a group RRSP and has a tool deduction of $25.00 per pay.
Calculate the net pay for each of the following weeks showing all deductions. Dons YTD for CPP is $1,085.40 and YTD for EI is $753.02.
Don's hours worked:
Week | Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday |
One | 0 | 7.5 | 7.5 | 11 | 7.5 | 7.5 | 2 |
Two | 0 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 0 |
For Week One:
Regular hours hours____ X _______ = ______________
Overtime Hours hours____ X _______ = ______________
Total Gross Pay___________________________________
Tax Ben__________________________________________
Tax Ben __________________________________________
Gross Taxable___________________________________
__________________________________________________
__________________________________________________
Net Taxable___________________________________
CPP___________________________________
EI___________________________________
FED TAX___________________________________
PROV TAX___________________________________
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
Net Pay___________________________________
For Week Two:
Regular hours hours____ X _______ = ______________
Overtime Hours hours____ X _______ = ______________
Total Gross Pay___________________________________
Tax Ben ___________________________________________
Tax Ben ___________________________________________
Gross Taxable___________________________________
__________________________________________________
__________________________________________________
Net Taxable___________________________________
CPP___________________________________
EI___________________________________
FED TAX___________________________________
PROV TAX___________________________________
___________________________________________________
___________________________________________________
___________________________________________________
___________________________________________________
Net Pay___________________________________
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