Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nina has been with Elora Enterprises for 5 years and is a Customer Service Representative. She earns $2000.00 bi-weekly working 35 hours per week. She

Nina has been with Elora Enterprises for 5 years and is a Customer Service Representative. She earns $2000.00 bi-weekly working 35 hours per week. She does not work any overtime. She has not reached her CPP or EI maximum deductions. Her employer provides her with the following benefits: Health and Dental fully paid for by the employer at a monthly cost of $524.00 Group Term life insurance 1x her annual salary at a cost of $0.89 per month per $1000 of coverage paid for by the employer AD&D - $30,000.00 coverage at a cost of $0.29 per month per $1000 of coverage paid for by the employer She is given 3 weeks of paid vacation. She has the following personal deductions from her pay: $5.00 per pay donation to the United Way Federal and Provincial income tax she is claiming maximum tax (Claim Code 0) plus an additional $10.00 per pay Use the tax tables provided to calculate the tax. Use the methods taught in this course to manually calculate the CPP and EI deductions. Answer the questions below for one pay period only. In this pay period she worked 5 days and took 5 days paid vacation. Put the appropriate answer in the corresponding block number. Also, in each block only provide the final answer do not show all your calculations. (On your scrap paper you may want to write down each block so you can easily transfer the answer to the answer blocks provided) Block 1 - What is the combined employee and employer cost of CPP? 2 Block 2 - What is the combined employee and employer cost of EI? 2 marks Block 3 - What is the tax amount will she pay on this pay? 2 marks Block 4 - What will her Life insurance taxable benefit be per pay? 2 marks Block 5 - What will her AD&D taxable benefit be per pay? 2 marks Block 6 - What will her final net pay be? 2 marks Block 7 - Are gross wages a debit or credit? 1 mark Block 8 - What is the debit amount of the CPP that you would show on a journal entry? 1 mark Block 9 - What is the credit amount of the CPP that you would show on a journal entry? 1 mark Block 10 - What is the debit amount of the EI that you would show on a journal entry? 1 Block 11 - How do you know your journal entry is correct? 1 mark Block 12 - Is the amount of tax deducted from her pay a debit or credit? 1 mark Block 13 - Is the United Way deduction a debit or credit? 1 mark Block 14 - Are the Net wages a debit or credit? 1 mark Block 15 - If Elora Enterprise's EHT rate is 1.95%, how much EHT would they have to pay for her this pay? 1 mark

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_2

Step: 3

blur-text-image_3

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

Economics Private And Public Choice

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

17th Edition

0357133994, 9780357133996

More Books

Students also viewed these Accounting questions

Question

Do employers have rights? If so, what are these rights?

Answered: 1 week ago

Question

3. What obstacles interfere with eff ective listening?

Answered: 1 week ago