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I need answers for all 9 points. An employee earns $55,000 per year and is paid on a semi-monthly pay schedule. The employee enjoys the
I need answers for all 9 points.
An employee earns $55,000 per year and is paid on a semi-monthly pay schedule. The employee enjoys the benefit of a company paid cell phone for personal use (cost is $150 per month) and receives 6% vacation pay on each payment. This pay cycle included 15 hours of approved overtime worked over the normal 40 hour work week and a reimbursement for travel expenses in the amount of $434.20. The employee contributes 5% of their regular wages to a Registered Retirement Savings Plan each pay cycle. 1. Calculate the Gross Earnings. 2. Calculate the Pensionable Earnings. 3. Calculate the Insurable Earnings. 4. . The employee is 32 years old and has contributed $1,212.15 to Canada Pension Plan so far this year. Calculate the Canada Pension Plan I Contribution. 5. . The employee is 32 years old and has contributed $460.37 to Employment Insurance so far this year. Calculate the Employment Insurance Premium. 6. Calculate the Gross Taxable Earnings. 7. . Calculate the Net Taxable Earnings. Explain what deductions are allowed. 8. The employee is a Claim Code 1 both Federally and Provincially and works in D Focus 29 6. Calculate the Gross Taxable Earnings. 7. . Calculate the Net Taxable Earnings. Explain what deductions are allowed. 8. The employee is a Claim Code 1 both Federally and Provincially and works in Ontario. Use the PDOC to calculate Provincial and Federal tax deductions assuming the date of pay is March 7, 2015. 9. . Calculate the net pay for this employee. Be sure to list all of the deductions from the employee's pay for this pay cycle. (Note: if you do not have access to the PDOC assume Federal Tax deduction = $394.90 and Provincial Tax deduction = $191.45). Based on 2019 rates and T4032.45 tablesStep by Step Solution
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