Payroll and Government Reporting

ASSIGNMENT 1

15% IN THE FINAL DUE ON June 5th, 2022 BEFORE 11.59 PM

Spieth Company employees had the following earnings records at the close of the November 30 Bi weekly payroll period.

Name o the Employee Weekly hours Hourly Rate

Scott 80 16.50

Quageber 70 18.50

Flint 65 20.00

Okonkwo 85 22.50

Linea 90 25.00

Spieth Company's payroll taxes expense for each employee include: 5.25% CPP on the annual pensionable earnings. ( with the first $3,500 exempt), and 1.4 times the employees EI rate of 1.58%. As well, 15% federal and 5.05% provincial income taxes will be deducted from the employees' gross pay. Calculate the following for each worker.

1. Determine the amount of Gross Earnings

2. Determine the amount of Pensionable Earnings

3. Determine the amount of contributory Earnings

4. Determine the amount of insurable Earnings

5. Determine the amount of Taxable Earnings

6. Determine Employee CPP deduction

7. Determine Employee EI deduction

8. Determine Federal tax deduction (assume 15% tax bracket)

9. Determine Provincial tax deduction (assume 5.05% tax bracket)

10. Determine Total tax Deductions

11. Total employee deductions

12. Employer CPP contribution

13. Employer EI contribution

14. Employer total Benefit expense

15. Employer payroll liability

16. Net Pay