Chapter 5 - Net Pay Calculation 2 - Alberta

3

Doris MacNeil works for Modem Furniture in Alberta and receives the following remuneration on her pay: Bi-weekly salary $1,364.85   Overtime 342.96   4% vacation pay on overtime 13.72   Group term life insurance non-cash taxable benefit 15.75   Taxable car allowance 75.00   What is Doris’ gross pensionable/taxable income for this pay? Show your calculations

SCENARIO Christine works for Marian Transport in Québec and is paid $920.25 weekly. Her employer provides group term life insurance coverage and pays 100% of the premiums for Christine's coverage. This non-cash taxable benefit is $20.00 per pay. She contributes 3% of her gross earnings to the company's Registered Pension an each pay and pan $23.00 weekly for union dues. Her federal TD1 claim code is 1 and her provincial TP-1015.3-V deduction code is A. Christine will not reach the Québec Pension Pan, Employmen Insurance or Québec Parental Insurance Plan annual maximums this pay period. Calculate Christine's net pay, following the steps in the payroll calculation tem Activate Wind

Do not give solution in image

ohn Elton, who is classified as direct labor, earns $1,000 per week and is entitled to four weeks of vacation and 10 holidays each year. How much should be accrued for his holiday pay each week? A. $38.46 B. $40.00 C. $41.67 D. $130.00

Your company hired a new pipe-fitter for the upcoming year. The company owner would like for you to determine the hourly wage for this employee for upcoming jobs. What is the wage fully burdened wage hourly wage rate for the employee based upon the information below? • Base Wage Rate = $32.52/hour • 4 weeks of vacation, sick, and personal leave • Social Security = 6.2% on the first $132,900 • Medicare = 1.45% •FUTA = 0.6% on the first $7,000 SUTA 3.4% on the first $22,000 • Workers' Compensation = $9.77 per $100 • General Liability = 0.78% • Employer Paid Health Insurance = $600 per month • Retirement = 50% match on 7% of wages

Paycheck Calculation Vasquez. an unmarried employee. works 43 hours in the week ended January 15. Her pay rate is $18 per hour Her wages are subject to no deductions other than FICA-Social Security, FICA- Medicare, and federal income taxes. She claims two withholding allowances. ● Required: o Compute her regular pay o Overtime pay (overtime premium is 50% of the regular rate for hours in excess of 40 per week) o Gross pay o His FICA tax deduction (use 6.2% for the Social Security portion and 1.45% for the Medicare portion) o Income tax deduction (use the wage bracket withholding table of Exhibit 9A.6) o Total deductions, and o Net pay. (Round tax amounts to the nearest cent.)

CENU COC Marty and Dee have 2 qualifying children for the child and dependent care credit. They paid $5,200 for their eligible work-related expenses. Marty's W-2 shows $56,720 in wages box 1. Dee was a full-time student for 10 months. The dollar limit for their work-related childcare expenses is. Select one: O a $2,500 b. $3,000 c. $5,200 d. $8,000 - e. None of these 4 ~nd bör danskt- Pinde ---- to non Powered by TOPY 2008-2023 Interactyx Limited. All rights reserved. Statement of Rights and Responsibilities

1. The contribution limit for a Payroll Deduction IRA increases once an employee reaches _____ years of age. Answer:   A.    40     B.    45     C.    50     D.    55   2. Carrie Rosenberg worked 44 hours the first week of the calendar year and earns regular wages of $18/hour. She is paid an overtime rate 1.5 times her regular wage rate, contributes 2% of her gross pay to a 401(k) plan, and contributes $40/week to a flexible spending account. Her Social Security tax for the week is $______ .   3. What types of wage garnishments are typically satisfied before others? Answer:   A.    Student loan payments and state/federal tax levies     B.    Alimony and child support payments     C.    Child support payments and federal tax levies     D.    State and federal tax levies

Give typing answer with explanation and conclusion    Louise Gendron’s monthly gross income is $4,800. Her employer withholds $720 in federal and provincial income taxes, $210.68 towards the Canada Pension Plan, and $68.67 for EI contributions. Louise contributes $180 per month to her RRSP. Her monthly credit payments for Visa and MasterCard are $83 and $73, respectively. Her monthly payment on an automobile loan is $465. a. What is Louise’s debt-payments-to-income ratio? (Round your answer to 2 decimal places. Omit "%" sign in your response.) Debt payments–to–income ratio % b. Is Louise living within her means?

Assume that Johnson earns $24 per hour and he worked 40 hours this week. The Social Security rate is 6.2% and the Medicare rate is 1.45%, and his entire earnings are subject to both FICA taxes. Also, $120 in income taxes and $40 of union dues are withheld. Johnson's net take-home pay should be: Select one: O O O O A. $726.56 B. $800.00 C. $640.00 D. $738.80

1

PROBLEM 1             Mary Matthews made $950 in a biweekly pay period. Only social security (fully taxable) and federal income taxes attach to her pay. Matthews contributes $100 each biweekly pay to her company’s 401(k) plan. Determine Matthews’ take home pay if she is married and claims 2 allowances (use wage bracket method).