Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have been provided with the information for Jack Russell's pay on January 31, 2020, as follows: Jack's position is Recruiting Manager Gross earnings

You have been provided with the information for Jack Russell's pay on January 31, 2020, as follows:

Jack's position is Recruiting Manager

Gross earnings                 60,000.00

Items that have NOT been included in Jack Russell's gross earns are as follow:

(a)         Personal use of employers Auto; cost of the vehicle is 28,000, not including taxes; total kilometers driven for the month are 4,000 and personal use is 1,000.

(b)         Performance bonus received but not included in total earnings is 2,300.00. (Jack received a cheque for $2,300 last week)

(c)          Monthly housing is provided with a FMV of $1200.00 inclusive, Jack pays $600 per month for the unit.

(d)         Monthly life insurance premiums of $45.00 are paid by the company.

(e)         Health and Dental premiums are $240.00 per month these benefits are paid by the employer.

(f)          Jack is provided with a cell phone for work. The monthly bill is $55.00 per month and Jack has not gone over the minutes that the plan covers.

(g)         Jack received a tuition reimbursement for a management course that he took and passed.

Required:

Calculate Jack's gross pay for the second pay period of the year, using the above information. Jack is paid semi-monthly; and all benefits are added to the last pay in the month.

Calculate Jack's required CPP and EI deductions for this pay

Calculate Jack's tax deduction assuming a claim code 1 for both Fed/Prov taxes. (be sure to use the semi-monthly tax tables for 2020.

Calculate Jack's net pay; assuming that any payments he makes for rent, he writes a cheque to his employer and it is not a payroll deduction.

Step by Step Solution

3.47 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Lets break down each part of the calculation step by step Step 1 Calculate Gross Pay for the Second Pay Period Since Jack is paid semimonthly well nee... 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

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

Financial Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

6th Canadian edition

1118644948, 978-1118805084, 1118805089, 978-1118644942

More Books

Students also viewed these Accounting questions

Question

Explain the term robust design. Give an example.

Answered: 1 week ago