You gets a gross salary of 10,000 a month3 major deductions in Canada = (1) Income Tax, (2) CPP, (3) EI(1) Income tax (Federal + Province rate) = assume at 30%(2) CPP = 5.7%(3) EI = 1.58%(1) How much salary will be your net salary or take home salary?(2) How much be total burden on the company?(3) How much will Govt. income on this??

Tax is a mandatory payment that must be made by the taxpayer on his taxable income. For individuals…

Answered: (2) CPP = 5.7% (3) EI = 1.58% much…

(2) CPP = 5.7% (3) EI = 1.58% much salary will be your net salary or take home salary? much be total burden on the company? w much will Govt. income on this?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: eBook Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests…

A: The stock price which is the maximum price to be paid for share consists of dividends and terminal…

Q: Time left 0:38:48 The objectives of financial management are Select one: O a. Maximize profits and…

A: Financial management has two main objectives. 1) Profit maximisation in short run : because…

Q: Suppose a family's annual income is $58,000; if the marginal propensity to save (MPS) is 0.25, and…

A: MPS = 0.25 Change in income = $15000 Let the change in consumption = ∆C

Q: Complete this question by entering your answers in the tabs below. Payroll Taxes General Expense…

A: Payroll:Payroll implies a process of preparing a list of the total employees of the business and the…

Q: USE THE DATA OF XYZ COMPANY FOR THE The following are the ledgers of XYZ Company for the year ended…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Which salary arrangement is better for the employee if the interest rate is 4%? Year 0 1 2 3…

A: An investment, project, or any collection of cash flows can be valued using NPV analysis. Given that…

Q: Net pay can be defined as... [1] (2.6) a. the amount of money you have left after your employer…

A: Employees of a company are working there in order to generate an income to support their expenses,…

Q: A firm needs $200,000 to start and expects Sales Expenses Tax rate $300,000 $294,000 40% a. What are…

A: Here, 40% debt:$200,000*40% = $80,000 Particulars 100% equity 40% debt Sales $ 300,000.00 $…

Q: An decrease in the income tax rate employment and potential GDP.

A: Income tax rate is the percentage rate which is charged on the income which is to be paid to…

Q: Which of the following statements is the most reasonable conclusion from the given information below…

A: Ratios are the financial measure which are used to measure the growth and performance of the company…

Q: self employed taxpayers pay self employment tax on A. the gross profit of the business reduced by…

A: answer:- correct option is A) the gross profit of the business reduced by 15.3%.

Q: Question 16 What is a "debt-to-income" ratio? OA How much money you have to pay back on your income.…

A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Which of the following would a decrease

A: Accounts receivable: The amount of money to be received by the company for the sale of goods and…

Q: Add in inflation: Revenue inflation per year Cost inflation per year: Pro Forma Average Month:…

A: Fixed costs consist of expenses incurred on a timely basis irrespective of the portion of the…

Q: Given COGS you can immediately determine Gross Profits = Revenues - COGS, and you obtain: Assumption…

A: Answer Formula SG&A / Total Revenue SG&A / Total Revenue SG&A / Total Revenue…

Q: a. Mean salary of females assuming zero years of experience (5%) b. Mean salary of Males assuming…

A: a. To find the mean salary of females assuming zero years of experience, we need to substitute X=0…

Q: If Company has a P/E ratio of 7, this indicates that investors are receiving $5 for every dollar the…

A: P/E ratio is price to earning ratio. It is ratio of market price of stock to the earning per share…

Q: Approximately what percentage of Tesco's Chief Financial Officer's total remuneration for 2021/22…

A: The base salary is the salary which is the salary at the basic level in which the variables and…

Q: Comprises the total assets of a business A. Income B. Revenue C. Gain D. Capital

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Determine whether each procedure described below is an internal control strength or weakness; then…

A: Weakness or strength along with IC Principle :- 1 Weakness - Apply technological controls 2 Weakness…

Q: You do not expect any nonrecurring revenues or costs. Period Ending Total Revenue Cost of Revenue…

Q: Which of the following a. payroll, taxes, and insurance b. depreciation, rent and utilities C.…

A: Revenue are the proceeds of goods and services it includes sales , interest earned, service revenue…

Q: Use the following information from separate companies a through d: Net Income (Loss) Interest…

A: The times interest earned (TIE) ratio, also known as the interest coverage ratio, is a financial…

Q: An agent can work for a principal. The agent's effort, a affects current profits, q₁ = a +₁, and…

A: The normal distribution, often referred to as the Gaussian distribution or the bell curve, stands as…

Q: Calculate for the profit given the data below: Sales P2,000,000 50,000 400,000 Prepaid Rent Expense…

A: Gross Profit = Sales - Cost of goods sold = 2000000 - 400000 = 1600000

Q: Jose and his friend invest in a machine for their business that costs P1,200,000.00. The machine has…

A: Calculation of Depreciation for 5th year Depreciation = Cost of Asset x Factor for Depreciation…

Q: The OOOO ratio measures a company's ability to immediately pay debt that is due now. Asset Current…

A: The quick ratio measures the company's ability to pay off the very short term debt that is due…

Q: Hellow tutor please provide Solutions

A: Step 1: Introduction to the Interest Expense:Interest expense is a charge against the profits of the…

Q: If E=P28,091.16 and N = P11,213.00, what is the value of D? Note: E= Total Earnings D- Deduction N =…

A: Formula: Net pay = Total Earnings - Deductions

Q: Assume that the current minimum wage is $7.25 per hour and the proposed increase would be $15.00 per…

A: The proposed increase in minimum wage from $7.25 to $15.00 per hour will have a significant impact…

Q: The table to the right shows expenses and income for an individual. Find the net monthly cash flow…

A: Net cash flow :— It is the difference between cash inflow and cash outflow. Net cash flow = Cash…

Q: None

A: To determine the real raise, follow these steps:1. **Calculate the raise amount**: - Initial…

Q: What would be the degree of financial leverage for Under A Cloud Skydiving School if the company…

A: Degree of Financial Leverage: The degree of financial leverage is calculated as EBIT divided by EBT.…

Q: r = discount rate C = net cash flow (the profit) at time t (The initial cost of ac- quiring a…

A: The net present value of a series of cashflow can be defined as the sum of present values of the…

Q: 2016 2017 2018 2019 Accounts payable 1. What this ratio tells us about? dumber of days of payables…

A: The question is related to creitors payment period. The details are given for 2016 to 2019.

Q: [The following information applies to the questions displayed below] BMX Company has one employee.…

A: The payments and bonuses that employees get in addition to their normal income or salaries are…

Q: 1.) what is the break-even in dollar sales? 2.) what is the margin of safety percentage? 3.) what…

A: Solution Note : As per the Q&A guideline we are required to answer the first three subparts only…

Q: e. Company A has higher cost of goods sold, the same operating expenses, and lower interest expense…

A: Gross profit is the profit after the cost of goods sold and operating margin is after operating…

Q: Suppose A=D+E, E=$350,000 and E/A=0.7. Solve for D.

A: Given data: A=D+E,E=$350,000, and EA=0.7

Q: Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called…

A: Net Profit Margin is a ratio that shows the profit earned as a percentage of the sales made by the…

Q: CHARACTER SER 1 2. Ms. Lui earned an annual income of 775,000, what is the a. Weekly salary? b.…

A: The question asks for the calculation of various salary amounts based on an annual income of…

Q: The table to the right shows expenses and income for an individual. Find the net monthly cash flow…

A: Monthly salary = $2800Monthly rent = $1190Weekly Groceries = $100Monthly Utilities = $120Semiannual…

Q: A company had interest expense of $6,600, income before interest expense and income taxes of…

A: Ratio analysis used identify the business performance of the company. It is used to measure…

Q: What can you say about the market value of the company? is it positve or is negative?

A: In finance market value of a company is the worth of the company and the worth of the company is…

Question

100%

You gets a gross salary of 10,000 a month
3 major deductions in Canada = (1) Income Tax, (2) CPP, (3) EI
(1) Income tax (Federal + Province rate) = assume at 30%
(2) CPP = 5.7%
(3) EI = 1.58%
(1) How much salary will be your net salary or take home salary?
(2) How much be total burden on the company?
(3) How much will Govt. income on this?
?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Question: 1. Calculate the gross income for someone who works 38 h at $12.50/h You don't need to to this for me, I just need someone to explain how I can answer this question, because there is more like this.
2
Please help me with show all calculation thanku
Let R=700 and R_I=400 and let p=1/3. What is the % gain by offering two contracts rather than one? O 66% O 25% 300 33%
f2. Subject:- Accounting
please answer questions number 3
Multiple Choices A company's sales in 2010 were P300,000 and in 2011 were P351,000. Using 2010 as the base year, the sales trend percent for 2011 is: * Choose 17% 85% orted net sales of d P360,000 in the 100% 12,respectively. If iat is the trend 117% 48%
Ne
1) Suppose that you are given the following information Total population Working age population, non-institutionalised, non- military Unemployed If the labour force participation rate is 45%, how many are in the labour force? O A. O B. O C. O D. 38.5 18 33 22 OE. 40 60 million 40 million 1.5 million
Classroom .ıl LTE 3:39 PM 72% submit this form. Not mdpanhao@pcu.edu.ph? Switch account * Required Problem Solving USE THE DATA OF XYZ COMPANY FOR THE The following are the ledgers of XYZ Company for the year ended December 31, 2017. Net Sales 1,890,540.00 Cash 60,100.00 Cost of Goods Sold 1,058,540.00 Short-term Investments 74,000.00 Operating Expenses Interest Expense Income Tax Expense 506,000.00 Accounts Receivable 107,800.00 25,000.00 Merchandise Inventory 133,000.00 Machineries, net Accounts Payable Income Taxes Payable 86,000.00 615,300.00 160,000.00 43,500.00 210,000.00 Long-term Notes Payable Owner's Equity 576,700.00 What is the company's gross profit margin? Choose
N3 q1
Required A Required B Required C Compute RSB&T's operating profits. Operating profit Compute the profit from Customer A and Customer B, assuming that customer costs are based only on deposits. Interest costs = {{0.5:#,##0.00}} percent of deposits; operating costs are 4 percent (= $19,500,000/$487,500,000) of deposits.(Do not round intermediate calculations. Round your answers to 2 decimal places.) Profit Per Customer Customer A Customer B Compute the profit from Customer A and Customer B, assuming that customer costs are computed using the information in the activity-based costing analysis. (Do not round intermediate calculations. Round your answers to 2 decimal places. Loss amounts should be indicated by a minus sign.) Customer A Customer B Sales revenue Interest on deposit Total operating cost Customer…