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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 El 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 El. Payroll information for the period ending June 3, 2023, is listed below.

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 El 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 El. Payroll information for the period ending June 3, 2023, is listed below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 El 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 El. Payroll information for the period ending June 3, 2023, is listed below. Employee Total Hours Hourly Rate Walking Out 80.00 $14.50 Running Thru Skipping Up 83.00 $15.00 $1,014.81 $2,574.19 $3,500.00 74.00 $16.00 United Way Health Care $8.00 $20.00 $6.00 $10.00 $18.00 $16.00 The CPP Exemption is $3,500. What is the total amount deducted from the employee's pay for the period? $329.25
Transcribed Image Text: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 El 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 El. Payroll information for the period ending June 3, 2023, is listed below. Employee Total Hours Hourly Rate Walking Out 80.00 $14.50 Running Thru Skipping Up 83.00 $15.00 $1,014.81 $2,574.19 $3,500.00 74.00 $16.00 United Way Health Care $8.00 $20.00 $6.00 $10.00 $18.00 $16.00 The CPP Exemption is $3,500. What is the total amount deducted from the employee's pay for the period? $329.25
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