FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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5
6
Use the most up to date rate and show your equations and calculations.
Hemal Thomas is an employee in British Columbia. The net pay calculation is
for the first bi-weekly pay of 2024. The employee is 32 years old and is
entitled to 70 hours regular pay at $20/hour, 3 hours of over-time at
time-and-a-half, and a $100 safety shoe allowance for this pay period. The
employee also receives a monthly car allowance of $200 and the employer
pays group life insurance of $35 a month. Vacation at 4% is accrued. The
employee contributes $20 per pay to the United Way, $20 per month to the
company social club, and $15 per pay for union dues. The employee's TD1
federal and provincial are code 2.
1. The gross earnings for the pay period are: (L01, 2, 3)
a) $1,400.00 b) $1,490.00 c) $1,582.31 d) $1,682.31
2. CPP contributory earnings are: (LO1, 2, 3)
a) $1,490.00 b) $1,698.46 c) $1,598.46 d) $1,682.31
3. Taxable benefits are: (LO1, 2, 3)
a) Zero b) $16.15 c) $17.50 d) $35.00
4. Insurable earnings are: (L01, 2, 3)
a) $1.582.31 b) $1.698.46 c) $1.597.46 d) $1.682.31
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Transcribed Image Text:5 6 Use the most up to date rate and show your equations and calculations. Hemal Thomas is an employee in British Columbia. The net pay calculation is for the first bi-weekly pay of 2024. The employee is 32 years old and is entitled to 70 hours regular pay at $20/hour, 3 hours of over-time at time-and-a-half, and a $100 safety shoe allowance for this pay period. The employee also receives a monthly car allowance of $200 and the employer pays group life insurance of $35 a month. Vacation at 4% is accrued. The employee contributes $20 per pay to the United Way, $20 per month to the company social club, and $15 per pay for union dues. The employee's TD1 federal and provincial are code 2. 1. The gross earnings for the pay period are: (L01, 2, 3) a) $1,400.00 b) $1,490.00 c) $1,582.31 d) $1,682.31 2. CPP contributory earnings are: (LO1, 2, 3) a) $1,490.00 b) $1,698.46 c) $1,598.46 d) $1,682.31 3. Taxable benefits are: (LO1, 2, 3) a) Zero b) $16.15 c) $17.50 d) $35.00 4. Insurable earnings are: (L01, 2, 3) a) $1.582.31 b) $1.698.46 c) $1.597.46 d) $1.682.31
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