Question
Payroll and Government Reporting ASSIGNMENT 1 15% IN THE FINAL DUE ON JUNE 15th, 2021 BEFORE 11.59 PM Spieth Company employees had the following earnings
Payroll and Government Reporting ASSIGNMENT 1 15% IN THE FINAL DUE ON JUNE 15th, 2021 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 Employee CPP deduction
2. Determine Employee EI deduction
3. Determine Federal tax deduction (assume 15% tax bracket)
4. Determine Provincial tax deduction (assume 5.05% tax bracket) 5. Determine Total tax Deductions
6. Total employee deductions
7. Employer CPP contribution
8. Employer EI contribution
9. Employer total Benefit expense
10. Employer payroll liability 11. Net Pay
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