An employee has $28.53 deducted from their pay for Canada Pension Plan contributions. How much would be remitted to Canada Revenue Agency? Question 23 options: $28.53 $39.94 $57.06 $68.47
Added by Jon S.
Step 1
** Show more…
Show all steps
Your feedback will help us improve your experience
Akash M and 89 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
Brown's Technology has three employees who work on an hourly basis and are paid semi-monthly. The current CPP rate is 5.95%, the current EI rate is 1.63%, and the appropriate income tax rate is 20%. Each employee contributes a portion of their pay to the United Way. The employer pays half the amount of the health care premium for the employees, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward EI. Payroll information for the period ending June 3, 2023, is listed below. Employee Total Hours Hourly Rate United Way Health Care Walking Out 80.00 $14.50 $8.00 $20.00 Running Thru 83.00 $15.00 $6.00 $18.00 Skipping Up 74.00 $16.00 $10.00 $16.00 The CPP Exemption is $3,500. What is the total cost to the employer for the period? a) $3,589.00 b) $2,574.19 c) $296.41 d) $3,885.41
Akash M.
Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year? A) $16 137.78 B) $15 137.78 C) $16 317.78 D) $17 137.78 E) $18 237.78
Babita K.
'Susan Stark is 17 years old, earns $18 per hour; worked 30 hours in the pay cycle and is paid weekly in the Province of Ontario. How much is her CPP deduction?'
Pritam S.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD