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Spieth Company employees had the following earnings records at the close of the November 30 Bi weekly payroll period. Name o the Weekly Hourly
Spieth Company employees had the following earnings records at the close of the November 30 Bi weekly payroll period. Name o the Weekly Hourly Employee hours Rate Scott 80 16.50 Quageber 70 18.50 Flint 65 20.00 Okonkwo 85 22.50 90 25.00 Linea 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 El 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 3. Determine the amount of Taxable Earnings 6. Determine Employee CPP deduction 7. Determine Employee El 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 El contribution 14. Employer total Benefit expense 15. Employer payroll liability 16. Net Pay
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