An employer provides the following, per weekly pay:
Group Medical Coverage, valued at $50
Life Insurance, valued at $125 including HST
Registered Pension Plan, valued at $80
Tool Allowance, in the amount of $100
Meal Allowance, in the amount of $40
The employee contributes to the following, per weekly pay:
United Way Campaign, in the amount of $20
Garnishment, in the amount of $75
Parking, in the amount of $55
Union dues, in the amount of $130
Group Disability Insurance, in the amount of $90
Additionally, assume that Income Taxes are deducted at the combined rate of 20%, CPP
& EI will NOT 'max out' this pay period and vacation time is 'accrued', not paid.
CPP rate is 5.95% and annual exemption is $3500
EI rate is 1.63%
Required:
a) Calculate the employees Net Pay for one weekly pay period, assuming an annual
salary of $117,000;
NOTE: marks will be allocated for clearly labeling and providing
calculations for EACH STEP of the six-step process model provided.
b) Assuming the employee was hired exactly 5 months ago and is entitled to 6
weeks vacation per annum, use the salary provided to determine how many
Vacation days are still banked and what Vacation dollars are owing, after taking 7
days off.
NOTE: Input final answers below and demonstrate ALL calculations.
Total Vacation Days Outstanding = #
Total Vacation Pay Accrued = $
