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Fish Packers Inc. (FPI) had the following transactions: Dec. 31 Fish Packers Inc. announced a bonus earned by the employees during the year, which amounted
Fish Packers Inc. (FPI) had the following transactions:
| Dec. 31 | Fish Packers Inc. announced a bonus earned by the employees during the year, which amounted to $500,000. The source deductions on the bonus earned were CPP of $24,750, which FPI matched; EI of $8,150, which it matched at 1.4 times; and income taxes of $125,000. In addition, FPI paid Workers Compensation Board of British Columbia premiums of 6.54% of gross wages. | |
| Feb. 10 | Paid the wages recorded on December 31. | |
| Feb. 24 | Made the remittance to the government related to the December 31 payroll. |
Determine the amount of the employees net wages.
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