Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sally works for Nikko Enterprises and earns $990 bi-weekly. She has just received a 2% pay increase, effective this current pay period. In addition, Sally

Sally works for Nikko Enterprises and earns $990 bi-weekly. She has just received a 2% pay increase, effective this current pay period. In addition, Sally is entitled to five weeks vacation pay, which is paid each pay period.

Each pay, Sally also receives a group medical benefit of $40, which is shared 50/50 with her employer. She also receives an annual group term life insurance benefit of $1,250. Both plan values include applicable sales tax.

In addition, the following are other deductions from Sallys pay, each bi-weekly period; $12 for union dues, $28 for a company loan repayment and $7 toward an employee social fund.

Assume income taxes are calculated at a combined rate of 18%.

Required:

1) Determine Sallys Net Pay for one bi-weekly pay period, and

2) What is the amount owing to the CRA for statutory deductions (PD7A)

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Objective Questions And Explanations

Authors: Irvin N. Gleim

7th Edition

0917539664, 978-0917539664

More Books

Students also viewed these Accounting questions

Question

Find the derivative of y= cos cos (x + 2x)

Answered: 1 week ago

Question

What is the best conclusion for Xbar Chart? UCL A X B C B A LCL

Answered: 1 week ago

Question

Describe the five elements of the listening process.

Answered: 1 week ago