None EmployeeTotal Salary TaxCPPΕΙ Medical Union Dues Net Pay Chq.NoBob Roberts3,250454146 6128212,540514Robin Case2,8004331245356212,113515Bailey Tropp2,450336 1074656211,884516Ishma Blumen2,800392 1245356212,15451711,3001,615501 213 196848,691Pearl Company matches each employee's contribution to medical plan.Required:a.Calculate remittance amount for Canada Revenue Agency.b. Record employees' benefits expense.

a) Total Remittance = CPP (Employee + Employer) + EI (Employee + Employer) + Income Tax Total…

Answered: Employee Total Salary Tax CPP ΕΙ…

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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Similar questions

Which of the following types of employee benefits are not covered by AASB 119/IAS 19? Select one: a. Annual leave. O b. Wages. OC. Long service leave. Od. Share-based payments. Time left 1:43:46 Re 1 10
Question 18: What is the total Medicare tax rate for an employee who is subject to both standard Medicare tax and Additional Medicare tax? Answer: А. O 2.35% В. O 2.45% C. O 6.2% D. O 7.65%
4G ". 10:11 O O B 01:58:42 Remaining Multiple Choice An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS, P1,750 Philhealth, P4,500 Home Development Mutual Fund, P2,800 union dues and P60,000 creditable withholding tax. Compute for the gross taxable compensation income of the employee: P277,950 P337,950 P340,750 P350,000 1 of 60 II
22 What must an employer disclose in a defined contribution plan? The amount to be paid by the employees The basis for determining payments to fund The basis for determining benefits paid out The amount to be paid out NEXT > BOOKMARK D
What is the taxable compensation income of an employee who received the following: Gross compensation income, before P44,000 Contribution to SSS, PHIC and HDMF... Additional compensation income.. 13h month pay and other benefits. ..P1,068,000 45,000 89,000
Take me to the text Water Cruises rents canoes and other water crafts to campers and hikers. On February 15, 2021, Water Cruises prepared their semi-monthly payroll for their employees. The current CPP rate is 5.45%, the current El rate is 1.58%, and the appropriate income tax rate is 18%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for February 15, 2021 is listed below. Employee Total Hours Hourly Rate Total Health Care M. Swift $19.00 S. Current $20.00 B. Wavey $14.00 74.0 82.0 88.0 $17.00 $16.00 $18.00 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee.
Critical Thinking 6 - 2 (Algo) Kai is the president of Zebra Antiques. An employee, Reese Francis, is due a raise. Reese's current benefit analysis is as follows: Yearly Benefit Costs Company Cost (Current) Employee Cost (Current) Medical insurance $ 6,800.00 $ 1,020.00 Dental insurance 165.00 165.00 Life insurance 354.00 0 AD&D 177.00 0 Short-term disability 70.80 0 Long - term disability 35.40 0 401(k) 885.00 1, 770.00 Social Security 3, 584.53 3, 584.53 Medicare 838.32 838.32 Tuition reimbursement 2,450.00 0 Total yearly benefit costs (employer) $ 15,360.05 Employee's annual salary 59,000.00 The total value of the employee's compensation $ 74,360.05 Required: Compute the benefit analysis assuming: 3 percent increase in pay. Reese will increase the 401(k) contribution to 8 percent with a company match of 50 percent up to a 3 percent contribution by the employer. 15 percent increase in medical and dental insurance premiums. Note: Round your answers to 2 decimal places.\
Use the combined wage bracket tables, Exhibit 9-3 and Exhibit 9-4, to solve. Employee MaritalStatus WithholdingAllowances Pay Period GrossEarnings CombinedWithholding Reese, S. M 4 Weekly $1,211 $
Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset II. Liability IIIEquity IV. Income V. Expense II, V I, II, III, V I, II, III, IV, V I, II, V
FIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013
Discu 1. What is the difference between an allowance and a re bursement? How does this difference affect labor burden? 2. Why are the social security and Medicare taxes paid by the employee not included in labor burden? How does employee turnover affect the labor burden costs? 4. What can a company do to reduce its workers' compen- sation insurance costs? Problems 5. Determine the annual cost, average hourly cost, and burden markup of an hourly employee given the infor- mation in Table 8-1. Assume the employee takes full advantage of the 401(k) benefit. The employee's health insurance is paid for entirely by the employer. Last year the employee worked 2,104 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. Table 8-1 Wage Information for Problem 5 Item Wages Bonus Allowances Social Security Medicare FUTA SUTA Workers' Comp. General Liability 401(k) Health…
Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire have to pay in FICA taxes?

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