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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%)

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
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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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%)
Transcribed Image Text: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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