Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

penny's gross earnings,CPP contribution,EI,federal income tax, provincial income tax, net commision pay COMMISSION EARNINGS Penny works for TSX in Ontario where she is a commissioned

penny's gross earnings,CPP contribution,EI,federal income tax, provincial income tax, net commision pay
image text in transcribed
COMMISSION EARNINGS Penny works for TSX in Ontario where she is a commissioned salesperson. TSX pays their commissioned salespeople on a straight commission of sales method at 0.35%. Penny is owed her semi-monthly commission payment based on $600,000.00 of products sold in the pay period. She did not receive an advance. Penny's TD1 federal and provincial are claim code 3. She will not reach the CPP, and Employment Insurance annual maximums this pay period. Use this information to calculate questions 8-13. Use 2022 rates. Calculate Penny's gross earnings

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

Only The Strongest Women Become Auditors

Authors: Auditor Publishing

1st Edition

1660768675, 978-1660768677

More Books

Students also viewed these Accounting questions

Question

What is meant by 'Wealth Maximization ' ?

Answered: 1 week ago