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An employee in Manitoba earns a semi-monthly salary of $3,500 and has an outstanding employer loan of $2,500. The low interest loan benefit is $1.75 for this pay period. The pay date is June 11, 2021 and the year-to-date earnings to the end of the previous pay period for this employee total $13,054.50. Required: Calculate the CPP and El to be deducted from the employee's pay for this pay period. Show and label your calculations

An employee in Manitoba earns a semi-monthly salary of $3,500 and has an outstanding employer loan of $2,500. The low interest loan benefit is $1.75 for this pay period. The pay date is June 11, 2021 and the year-to-date earnings to the end of the previous pay period for this employee total $13,054.50. Required: Calculate the CPP and El to be deducted from the employee's pay for this pay period. Show and label your calculations

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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An employee in Manitoba earns a semi-monthly salary of $3,500 and has an outstanding employer loan of $2,500. The low interest loan benefit is $1.75 for this pay period. The pay date is June 11, 2021 and the year-to-date earnings to the end of the previous pay period for this employee total $13,054.50. Required: Calculate the CPP and El to be deducted from the employee's pay for this pay period. Show and label your calculations.
Transcribed Image Text:An employee in Manitoba earns a semi-monthly salary of $3,500 and has an outstanding employer loan of $2,500. The low interest loan benefit is $1.75 for this pay period. The pay date is June 11, 2021 and the year-to-date earnings to the end of the previous pay period for this employee total $13,054.50. Required: Calculate the CPP and El to be deducted from the employee's pay for this pay period. Show and label your calculations.
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