An employee has weekly earnings of $750.00. What is their Canada Pension Plan contribution? O $34.44 O $35.08 O $38.91 O $42.75
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- 6., RST Company offers a qualified retirement plan. Each employee contributes 4 percent of his or her pretax income to the plan, and RST matches each employee's contribution. An employee's benefit at retirement is determined by his or her account balance at the time of retirement. What type of retirement plan does RST offer? a. Defined contribution plan. b. Defined benefit, flat percentage of annual earnings c. Defined benefit, unit-credit formula. d. Defined benefit, flat dollar amount for all employeesEA16. LO 12.5 An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employee's total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February. Solution What would be the employee's total benefits responsibility?PLS HELP ASAP
- Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year? A) $16 137.78 B) $15 137.78 C) $16 317.78 D) $17 137.78 E) $18 237.78Your employer pays 70% of your total insurance premium of 8000 per year. How much do you pay as an employee? a. $2,400 b. $6,120 c. $5,600 d. $62 a paychecka. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of Canada
- An employer uses a career average formula to determine retirement payments to its employees. The annual retirement payout is 8 percent of the employees’ career average salary times the number of years of service. Calculate the annual benefit payment under the following scenarios. Years Worked Career Average Salary 27 $ 68,000 30 70,500 32 72,000An employer has calculated the following amounts for an employee during the last week of June 2020. Gross Wages $1,200.00 $276.00 Income Taxes Canada Pension Plan Contributions $59.47 Employment Insurance Contributions $18.96 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Required a) Calculate the employee's net pay. Net Pay = $ b) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense? Total Employer Expense = $ c) Prepare the journal entries to record payroll for the employee and record the employer's contribution. Assume the employee was paid immediately. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Account Title and Explanation Debit Credit 2020 Jun 30 Jun 30 Record payroll ÷ + + ♦ Record additional employer expensesAn employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employees FICA taxes responsibility? A. $535.50 B. $612 C. None, only the employer pays FICA taxes D. $597.50 E. $550
- A8Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary The total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 6,400.00 145.00 228.00 114.00 45.60 22.80 1,140.00 2,287.49 534.98 2,250.00 $ 13,167.87 38,000.00 $ 51,167.87 Employee Cost (Current) $ 960.00 145.00 0 0 0 0 2,280.00 2,287.49 534.98 0 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums.Question 9: The Social Security wage base for 2021 is $142,800. Answer: A. O True В. O False