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Spieth Company employees had the following earnings records at the close of the November 30 Weekly payroll period. Name o the Employee Weekly hours Hourly
Spieth Company employees had the following earnings records at the close of the November 30 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 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
5. Determine the amount of Taxable Earnings
6. Determine Employee CPP deduction
7. Determine Employee EI deduction
8. Determine Federal tax deduction
9. Determine Provincial tax deduction
10. Determine Total tax Deductions
11. Total employee deductions
12. Employer CPP contribution
13. Employer EI contribution
14. Employer total Benefit expense
15. Employer payroll liability
16. Net Pay
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