Question
Fish Packers Inc. (FPI) had the following transactions: Dec. 31 Feb. 10 Feb. 24 Fish Packers Inc. announced a bonus earned by the employees
Fish Packers Inc. (FPI) had the following transactions: Dec. 31 Feb. 10 Feb. 24 Fish Packers Inc. announced a bonus earned by the employees during the year, which amounted to $450,000. The source deductions on the bonus earned were CPP of $22,275, which FPI matched; El of $7,335, which it matched at 1.4 times; and income taxes of $112,500. In addition, FPI paid Workers' Compensation Board of British Columbia premiums of 6.54% of gross wages. Paid the wages recorded on December 31. Made the remittance to the government related to the December 31 payroll. Determine the amount of the employees' net wages. $ Net wages 307890
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