Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with calculating the empty fields based on Canadian Tax law in BC FMGT 4915 Winter 2021 Assignment #2 Due end of class. Files

Need help with calculating the empty fields based on Canadian Tax law in BC image text in transcribedimage text in transcribed

FMGT 4915 Winter 2021 Assignment #2 Due end of class. Files to be uploaded to the Learning Hub Assignment 2 Folder. Requirements For each question, enter your answer in the highlighted cells in the tables provided. If the answer is zero, enter o. 0 1. Jennifer works in retail and makes $16.00 per hour. She also earns a $ 18.50 per hour for all shifts she works as the store supervisor. She works in British Columbia and is eligible for overtime for both job codes. Use the following information to calculate her net pay and all deductions using PDOC. Statutory holiday pay is paid out on the cheque it is earned. a. Jennifer is 25 years old, is married, and has a three year old child who is not disabled. b. Jennifer has worked for this employer for 7 years. C. For the purpose of calculating her statutory holiday pay, Jennifer has worked 21 days in the 30 days prior to July first, and her regular wages totaled $2,788.00. d. For overtime purposes, weeks are calculated Sunday through Saturday. e. Pay periods are semi-monthly and run from the 1* to the 15th, and the 16th to the end of the month. They are paid out the following Friday. The next pay date is July 23, 2021. YTD amounts are provided below. f. Vacation pay is paid out on every cheque. Question 1 (15 points) ( 1. Jeremy works as a cook at a restaurant in Manitoba making $13.00. He is 17 years old, and attends university part time. His annual tuition comes to $2,500 per year, and he will attend for 8 months this year. He takes all available personal tax credits on his provincial and federal TD1 forms. Vacation pay in included on each cheque, and this is his first payday. He receives no taxable benefits, does not belong to a union, and does not have any deductions other than those required by law. He is paid bi-weekly. His next pay will be on February 28, and he has worked 72 hours with no overtime or shift premiums. Calculate his gross pay. Using the PDOC, calculate his EI, CPP, income taxes and net pay. Start End time Superviso r time Codes 18:00 Y 19:00 8S 8R Stat 16,308 13,396 0.00 Claim Code 3 Claim Code 4 Federal TD1 amount Provincial TD1 amount YTD Pensionable and insurable earnings YTD CPP contributions YTD El contributions Other deductions Taxable benefits 20:00 Y 21:00 20:00 Y 18:00 Y 19:00 21:00 8SOT 8R 8S 8S 8R 8R, 20T 0.00 0.00 0.00 0.00 27-Jun Sunday 10:00 28-Jun Monday 11:00 29-Jun Tuesday OFF 30-Jun Wednesday OFF 01-Jul Thursday 12:00 02-Jul Friday 13:00 03-Jul Saturday 12:00 04-Jul Sunday 10:00 05-Jul Monday 11:00 06-Jul Tuesday 11:00 07-Jul Wednesday OFF 08-Jul Thursday 11:00 09-Jul Friday 13:00 10-Jul Saturday 12:00 11-Jul Sunday 10:00 12-Jul Monday 11:00 13-Jul Tuesday OFF 14-Jul Wednesday OFF 15-Jul Thursday 11:00 16-Jul Friday 13:00 17-Jul Saturday 12:00 19:00 21:00 20:00 Y 18:00 Y 19:00 8R 8R 8SOT 8S 8R Employer Employee 936.00 37.44 0 15.38 80.88 877.18 Gross Pay Vacation pay CPP premiums El premiums Income tax Net pay Total to remit 0 21.53 19:00 21:00 20:00 Y 8R 8R 8S 117.79 Regular Supervisor Statutory holiday pay Overtime Supervisor OT 56 x $16.00 24 x $18.50 2,788.00/21 days (2 x $16.00) x 1.5 (16 x $18.50) x 1.5 896.00 444.00 132.76 48.00 444.00 Total Vacation pay $1964.76 117.89 6% 13,808 11,070 Federal TD1 amount Provincial TD1 amount YTD Pensionable and insurable earnings YTD El contributions YTD CPP contributions Other deductions Taxable benefits 0.00 0.00 Employer Employee 1,964.76 117.89 Gross Pay Vacation pay CPP premiums El premiums Income tax Net pay Total to remit FMGT 4915 Winter 2021 Assignment #2 Due end of class. Files to be uploaded to the Learning Hub Assignment 2 Folder. Requirements For each question, enter your answer in the highlighted cells in the tables provided. If the answer is zero, enter o. 0 1. Jennifer works in retail and makes $16.00 per hour. She also earns a $ 18.50 per hour for all shifts she works as the store supervisor. She works in British Columbia and is eligible for overtime for both job codes. Use the following information to calculate her net pay and all deductions using PDOC. Statutory holiday pay is paid out on the cheque it is earned. a. Jennifer is 25 years old, is married, and has a three year old child who is not disabled. b. Jennifer has worked for this employer for 7 years. C. For the purpose of calculating her statutory holiday pay, Jennifer has worked 21 days in the 30 days prior to July first, and her regular wages totaled $2,788.00. d. For overtime purposes, weeks are calculated Sunday through Saturday. e. Pay periods are semi-monthly and run from the 1* to the 15th, and the 16th to the end of the month. They are paid out the following Friday. The next pay date is July 23, 2021. YTD amounts are provided below. f. Vacation pay is paid out on every cheque. Question 1 (15 points) ( 1. Jeremy works as a cook at a restaurant in Manitoba making $13.00. He is 17 years old, and attends university part time. His annual tuition comes to $2,500 per year, and he will attend for 8 months this year. He takes all available personal tax credits on his provincial and federal TD1 forms. Vacation pay in included on each cheque, and this is his first payday. He receives no taxable benefits, does not belong to a union, and does not have any deductions other than those required by law. He is paid bi-weekly. His next pay will be on February 28, and he has worked 72 hours with no overtime or shift premiums. Calculate his gross pay. Using the PDOC, calculate his EI, CPP, income taxes and net pay. Start End time Superviso r time Codes 18:00 Y 19:00 8S 8R Stat 16,308 13,396 0.00 Claim Code 3 Claim Code 4 Federal TD1 amount Provincial TD1 amount YTD Pensionable and insurable earnings YTD CPP contributions YTD El contributions Other deductions Taxable benefits 20:00 Y 21:00 20:00 Y 18:00 Y 19:00 21:00 8SOT 8R 8S 8S 8R 8R, 20T 0.00 0.00 0.00 0.00 27-Jun Sunday 10:00 28-Jun Monday 11:00 29-Jun Tuesday OFF 30-Jun Wednesday OFF 01-Jul Thursday 12:00 02-Jul Friday 13:00 03-Jul Saturday 12:00 04-Jul Sunday 10:00 05-Jul Monday 11:00 06-Jul Tuesday 11:00 07-Jul Wednesday OFF 08-Jul Thursday 11:00 09-Jul Friday 13:00 10-Jul Saturday 12:00 11-Jul Sunday 10:00 12-Jul Monday 11:00 13-Jul Tuesday OFF 14-Jul Wednesday OFF 15-Jul Thursday 11:00 16-Jul Friday 13:00 17-Jul Saturday 12:00 19:00 21:00 20:00 Y 18:00 Y 19:00 8R 8R 8SOT 8S 8R Employer Employee 936.00 37.44 0 15.38 80.88 877.18 Gross Pay Vacation pay CPP premiums El premiums Income tax Net pay Total to remit 0 21.53 19:00 21:00 20:00 Y 8R 8R 8S 117.79 Regular Supervisor Statutory holiday pay Overtime Supervisor OT 56 x $16.00 24 x $18.50 2,788.00/21 days (2 x $16.00) x 1.5 (16 x $18.50) x 1.5 896.00 444.00 132.76 48.00 444.00 Total Vacation pay $1964.76 117.89 6% 13,808 11,070 Federal TD1 amount Provincial TD1 amount YTD Pensionable and insurable earnings YTD El contributions YTD CPP contributions Other deductions Taxable benefits 0.00 0.00 Employer Employee 1,964.76 117.89 Gross Pay Vacation pay CPP premiums El premiums Income tax Net pay Total to remit

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

More Books

Students also viewed these Accounting questions