An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2,346.52, CPP contribution is $125.35, El contribution is $36.37, Federal taxes are $309.25 and Ontario taxes are $158.45. Received a family support court or for $4,500. Calculate the amount to be withheld from employee's payroll on this pay cycle? A 2,250 B 4,500 858.55 D) 343.42

An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2,346.52, CPP contribution is $125.35, El contribution is $36.37, Federal taxes are $309.25 and Ontario taxes are $158.45. Received a family support court or for $4,500. Calculate the amount to be withheld from employee's payroll on this pay cycle? A 2,250 B 4,500 858.55 D) 343.42

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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Concept explainers

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.

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An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2,346.52, CPP contribution is
$125.35, El contribution is $36.37, Federal taxes are $309.25 and Ontario taxes are $158.45. Received a family support court ord
for $4,500. Calculate the amount to be withheld from employee's payroll on this pay cycle?
A
2,250
(B
4,500
858.55
D
343.42
E) 900

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