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Information regarding Oxygen Inc.s payroll for the period ending March 22 follows: Gross salaries and wages.............. $100,000 CPP rate.......................................... 4.95% EI rate.......................................... 1.66% Employee income
Information regarding Oxygen Inc.s payroll for the period ending March 22 follows:
Gross salaries and wages.............. | $100,000 | ||
CPP rate.......................................... | 4.95% | ||
EI rate.......................................... | 1.66% | ||
Employee income tax.............. | deducted $20,000 | ||
Company pension deducted.............. | 5% of gross salaries and wages | ||
Union dues deducted.............. | $800 |
Assume 100% of the gross salaries and wages are subject to CPP and EI. Therefore, the NET pay for this period is:
| $72,200. |
| $67,590. |
| $68,390. |
| $73,340. |
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