Information you may need to do the following calculations:Maximum annual pensionable earnings for 2017 = $55,300;Basic annual CPP exemption = $3,500; CPP contribution rate for 2017 = 4.95%Maximum insurable earnings for 2017 = $51,300; E.I premium rate for Ontariofor 2017 = 1.63%; Employer's share of E.I contribution for 2017 = 1.4 x Employee share1. Vikram received $1,500 bi-weekly pay in 2017. His total taxable benefits were $5,000 forthe year, which has not been factored into his income. Calculate the following:a) Vikram's CPP & E.I contributions per pay period (2%)b) What is the total remittance to CRA that his employer has to send, including theemployer share? (2%)

Answered: alculăte the following: a) Vikram's CPP…

alculăte the following: a) Vikram's CPP & E.I contributions per pay period (2%) b) What is the total remittance to CRA that his employer has to send, including the employer share? (2%)

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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Question

Information you may need to do the following calculations:
Maximum annual pensionable earnings for 2017 = $55,300;
Basic annual CPP exemption = $3,500; CPP contribution rate for 2017 = 4.95%
Maximum insurable earnings for 2017 = $51,300; E.I premium rate for Ontario
for 2017 = 1.63%; Employer's share of E.I contribution for 2017 = 1.4 x Employee share
1. Vikram received $1,500 bi-weekly pay in 2017. His total taxable benefits were $5,000 for
the year, which has not been factored into his income. Calculate the following:
a) Vikram's CPP & E.I contributions per pay period (2%)
b) What is the total remittance to CRA that his employer has to send, including the
employer share? (2%)

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