Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please provide a step by step solution 1) If an employee is paid bi-weekly, what is the amount of the bi-weekly CPP exemption amount? (Hint:

Please provide a step by step solution

1) If an employee is paid bi-weekly, what is the amount of the bi-weekly CPP exemption amount? (Hint: The annual CPP exemption amount is $3,500).

Select one:

a.$67.30

b.$134.61

c.$291.66

d.$145.83

2)Jasmine had a semi-monthly gross pay of $2,000. She had $500 deducted for income tax, $91 deducted for CPP and $37 deducted for EI. Calculate (a) how much must the employer must contribute for income tax and (b) how much the total liability will be for income tax.

Select one:

a.(a) $0 (b) $500

b.(a) $500 (b) $500

c.(a) $500 (b) $1,000

d.(a) $0 (b) $0

3)Jasmine had a semi-monthly gross pay of $2,000. She had $500 deducted for income tax, $91 deducted for CPP and $37 deducted for EI. Calculate (a) how much must the employer must contribute for EI and (b) how much the total liability will be for EI.

Select one:

a.(a) $52 (b) $89

b.(a) $52 (b) $104

c.(a) $37 (b) $74

d.(a) $37 (b) $91

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

Students also viewed these Accounting questions