FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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O'Riley Company's payroll costs and fringe benefit expenses include the normal CPP and El contributions, retirement fund contributions of 10% of total earnings, and health insurance premiums of $133 per employee per month. Doherty $ 53,300 54,200 58,200 Fane Kahan Martin Leung Total 46,500 72,000 $284,200 1. Given the above list of employees' projected 2021 annual salaries, calculate the employer's contribution of CPP, EI, Retirement and Health Insurance made by O'Riley Company (Round the final answers to 2 decimal places.) Click here to view the CPP Tables for 2021. Click here to view the El Tables for 2021 Doherty Fane Kahan Martin Leung Total s CPP Contribution El Contribution 0.00 Retirement Fund Contributions 0.00 S 0.00 S co Health Insurance 0.00 D
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Transcribed Image Text:O'Riley Company's payroll costs and fringe benefit expenses include the normal CPP and El contributions, retirement fund contributions of 10% of total earnings, and health insurance premiums of $133 per employee per month. Doherty $ 53,300 54,200 58,200 Fane Kahan Martin Leung Total 46,500 72,000 $284,200 1. Given the above list of employees' projected 2021 annual salaries, calculate the employer's contribution of CPP, EI, Retirement and Health Insurance made by O'Riley Company (Round the final answers to 2 decimal places.) Click here to view the CPP Tables for 2021. Click here to view the El Tables for 2021 Doherty Fane Kahan Martin Leung Total s CPP Contribution El Contribution 0.00 Retirement Fund Contributions 0.00 S 0.00 S co Health Insurance 0.00 D
2. Payroll costs and fringe benefits are what percentage of salaries? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Percentage of salaries %6
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Transcribed Image Text:2. Payroll costs and fringe benefits are what percentage of salaries? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Percentage of salaries %6
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Step 1: Fringe benefits:
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Step 2: (1) Calculate the employer's contribution of CPP, EI, Retirement Fund, and Health Insurance:
VIEW
Step 3: (2) Determine the Payroll costs and fringe benefits as a percentage of salaries:
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