Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Spieth Company employees had the following earnings records at the close of the November 30, Monthly payroll period. Name o the Employee Weekly hours Hourly
Spieth Company employees had the following earnings records at the close of the November 30, Monthly 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 El 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 El contribution 14. Employer total Benefit expense 15. Employer payroll liability 16. Net Pay
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started