Soul Train Limited pays salaries on a weekly basis. The payroll for the week ended...
70.2K
Verified Solution
Link Copied!
Question
Finance
Soul Train Limited pays salaries on a weekly basis. The payroll for the week ended January 24, 2020, includes three employees as follows:
Determine the appropriate mandatory payroll deductions and net pay for each employee.
Calculate the CPP and EI deductions using the required rates. (2 marks each for CPP and EI)
Use the appropriate tables to determine federal and provincial income taxes. (1 mark each for federal and provincial taxes; Compute the Net pay (1 mark each)
PAYROLL DEDUCTIONS:
Claim Code
Gross
CPP
EI
Fed Tax
Prov Tax
Net Pay
M.King
CC 01
600.00
a
d
g
j
m
F.Reid
CC 02
700.00
b
e
h
k
n
J.Kay
CC 03
800.00
c
f
i
l
o
You are required to fill in the answer boxes with numbers that correspond to a,b,c,d,e,f (2 marks each) g,h,i,j,k,l,m,n and o (1 mark each) in the above table.
ENTER THE NUMBER THAT CORRESPONDS TO (a) IN ANSWER BOX BELOW:
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
