Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 2 For each of the following three employees, calculate gross earnings, taxable benefits, CPP contributions, El premiums, income taxes and net pay. All employees

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Part 2 For each of the following three employees, calculate gross earnings, taxable benefits, CPP contributions, El premiums, income taxes and net pay. All employees are in Manitoba and the employers follow Manitoba Employment Standards. There are several ways to calculate CPP, El and income taxes. After you have calculated the gross earnings & taxable benefits, use the following three methods to calculate the statutory deductions: i. Calculate CPP and El manually for each employee. ii. Then, use CRA's payroll deductions tables to calculate the deductions. I iii. Finally, verify your calculations using the "Payroll Deductions Online Calculator" (PDOC). Enter "YOUR NAME" as the employer's name for each calculation. Part A Information: Employer Pay Date Name Date of Birth Rate of pay Pay cycle Car allowance Vacation Safety Shoe allowance Taxable benefit/pay Employee RRSP Union Dues/pay Regular hours worked Overtime hours worked Year-to-date Pensionable Earnings Year-to-date CPP Year-to-date Insurable Earnings Year-to-date El Federal TD1 code Manitoba TD1 code Telecero Communications Ltd. (enter "YOUR NAME" in the PDOC) April 30, 2021 Joey Chance April 21, 1967 $52,000 per year Semi-monthly $175 per pay 6% accrued - $30 (cell phone, non-cash) $100 $13,264.86 $532.14 $12,730.38 $201.14 3 3 H H For each of the following three employees, calculate gross earnings, taxable benefits, CPP contributions, El premiums, income taxes and net pay. All employees are in Manitoba and the employers follow Manitoba Employment Standards. There are several ways to calculate CPP, El and income taxes. After you have calculated the gross earnings & taxable benefits, use the following three methods to calculate the statutory deductions: i. Calculate CPP and El manually for each employee. Then, use CRA's payroll deductions tables to calculate the deductions. iii. Finally, verify your calculations using the "Payroll Deductions Online Calculator" (PDOC). Enter "YOUR NAME" as the employer's name for each calculation. 1 Part B Information: Employer Pay Date Name Date of Birth Rate of pay Pay cycle Car allowance Vacation Safety Shoe allowance Taxable benefit/pay Employee RRSP Union Dues/pay Regular hours worked Overtime hours worked Year-to-date Pensionable Earnings Year-to-date CPP Year-to-date Insurable Earnings Year-to-date El Federal TD1 code Manitoba TD1 code Lunible Inc. (enter "YOUR NAME" in the PDOC) March 27, 2021 Lillian Worthy February 15, 1945 $22.00/hour Weekly 4% with each pay $5 (gift, non-cash) $10 40 5 NIL NIL $2,516.50 $39.76 2 2 Part C Information: Employer Kideo Games Inc. (enter "YOUR NAME" in the PDOC) Pay Date February 19, 2021 Name Max Power Date of Birth December 10, 2002 Rate of pay $2,000 per month Bi-weekly Pay cycle Car allowance Vacation 4% accrued Safety Shoe allowance $100 this pay $10 (parking, non-cash) Taxable benefit/pay Employee RRSP Union Dues/pay . Regular hours worked Overtime hours worked Year-to-date $2,296.61 Pensionable Earnings Year-to-date CPP $103.15 Year-to-date $2,276.61 Insurable Earnings Year-to-date El $35.97 1 Federal TD1 code Manitoba TD1 code 1 * Note: The Payroll Deductions Online Calculator will not do calculations for non-taxable amounts such as Non-Taxable Allowances. You will have to add the safety shoe allowance manually to get net pay. Part 2 For each of the following three employees, calculate gross earnings, taxable benefits, CPP contributions, El premiums, income taxes and net pay. All employees are in Manitoba and the employers follow Manitoba Employment Standards. There are several ways to calculate CPP, El and income taxes. After you have calculated the gross earnings & taxable benefits, use the following three methods to calculate the statutory deductions: i. Calculate CPP and El manually for each employee. ii. Then, use CRA's payroll deductions tables to calculate the deductions. I iii. Finally, verify your calculations using the "Payroll Deductions Online Calculator" (PDOC). Enter "YOUR NAME" as the employer's name for each calculation. Part A Information: Employer Pay Date Name Date of Birth Rate of pay Pay cycle Car allowance Vacation Safety Shoe allowance Taxable benefit/pay Employee RRSP Union Dues/pay Regular hours worked Overtime hours worked Year-to-date Pensionable Earnings Year-to-date CPP Year-to-date Insurable Earnings Year-to-date El Federal TD1 code Manitoba TD1 code Telecero Communications Ltd. (enter "YOUR NAME" in the PDOC) April 30, 2021 Joey Chance April 21, 1967 $52,000 per year Semi-monthly $175 per pay 6% accrued - $30 (cell phone, non-cash) $100 $13,264.86 $532.14 $12,730.38 $201.14 3 3 H H For each of the following three employees, calculate gross earnings, taxable benefits, CPP contributions, El premiums, income taxes and net pay. All employees are in Manitoba and the employers follow Manitoba Employment Standards. There are several ways to calculate CPP, El and income taxes. After you have calculated the gross earnings & taxable benefits, use the following three methods to calculate the statutory deductions: i. Calculate CPP and El manually for each employee. Then, use CRA's payroll deductions tables to calculate the deductions. iii. Finally, verify your calculations using the "Payroll Deductions Online Calculator" (PDOC). Enter "YOUR NAME" as the employer's name for each calculation. 1 Part B Information: Employer Pay Date Name Date of Birth Rate of pay Pay cycle Car allowance Vacation Safety Shoe allowance Taxable benefit/pay Employee RRSP Union Dues/pay Regular hours worked Overtime hours worked Year-to-date Pensionable Earnings Year-to-date CPP Year-to-date Insurable Earnings Year-to-date El Federal TD1 code Manitoba TD1 code Lunible Inc. (enter "YOUR NAME" in the PDOC) March 27, 2021 Lillian Worthy February 15, 1945 $22.00/hour Weekly 4% with each pay $5 (gift, non-cash) $10 40 5 NIL NIL $2,516.50 $39.76 2 2 Part C Information: Employer Kideo Games Inc. (enter "YOUR NAME" in the PDOC) Pay Date February 19, 2021 Name Max Power Date of Birth December 10, 2002 Rate of pay $2,000 per month Bi-weekly Pay cycle Car allowance Vacation 4% accrued Safety Shoe allowance $100 this pay $10 (parking, non-cash) Taxable benefit/pay Employee RRSP Union Dues/pay . Regular hours worked Overtime hours worked Year-to-date $2,296.61 Pensionable Earnings Year-to-date CPP $103.15 Year-to-date $2,276.61 Insurable Earnings Year-to-date El $35.97 1 Federal TD1 code Manitoba TD1 code 1 * Note: The Payroll Deductions Online Calculator will not do calculations for non-taxable amounts such as Non-Taxable Allowances. You will have to add the safety shoe allowance manually to get net pay

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

Introductory Econometrics For Finance

Authors: Chris Brooks

2nd Edition

052169468X, 9780521694681

More Books

Students also viewed these Finance questions