Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Information you may need to do the following calculations: Maximum annual pensionable earnings for 2017 = $55,300; Basic annual CPP exemption = $3,500; CPP contribution

Information you may need to do the following calculations:

Maximum annual pensionable earnings for 2017 = $55,300;

Basic annual CPP exemption = $3,500; CPP contribution rate for 2017 = 4.95%

Maximum insurable earnings for 2017 = $51,300; E.I premium rate for Ontario

for 2017 = 1.63%; Employers share of E.I contribution for 2017 = 1.4 x Employee share

  1. Vikram received $1,500 bi-weekly pay in 2017. His total taxable benefits were $5,000 for the year, which has not been factored into his income. Calculate the following:
  1. Vikrams CPP & E.I contributions per pay period (2%)
  2. What is the total remittance to CRA that his employer has to send, including the employer share? (2%)
  3. ALSO NEED CALCULATIONS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A User Perspective

Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry

6th Canadian Edition

470676604, 978-0470676608

More Books

Students also viewed these Accounting questions