Ferris Party Rental has 10 employees who earned a total of $25,000 in November ($2,500 each). The applicable rates for CPP and El are 4.95% and 1.66 % (ignoring annual exemption ) respectively. Income tax withholdings amount to $6,600. The net pay of the 10 employees during November is Select one: A. $25,000. B. $18,400. C. $16,892. D. $17,037.
Ferris Party Rental has 10 employees who earned a total of $25,000 in November ($2,500 each). The applicable rates for CPP and El are 4.95% and 1.66 % (ignoring annual exemption ) respectively. Income tax withholdings amount to $6,600. The net pay of the 10 employees during November is Select one: A. $25,000. B. $18,400. C. $16,892. D. $17,037.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Ferris Party Rental has 10 employees who earned a total of $25,000 in November ($2,500
each). The applicable rates for CPP and El are 4.95% and 1.66 % (ignoring annual exemption
) respectively. Income tax withholdings amount to $6,600. The net pay of the 10 employees
during November is Select one: A. $25,000. B. $18,400. C. $16,892. D. $17,037.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F569aa9ef-76db-41a4-88e9-376c0d052363%2F649a75ca-ffc2-4cb7-a8dd-e1d42395174a%2Fs1pp1y8_processed.png&w=3840&q=75)
Transcribed Image Text:Ferris Party Rental has 10 employees who earned a total of $25,000 in November ($2,500
each). The applicable rates for CPP and El are 4.95% and 1.66 % (ignoring annual exemption
) respectively. Income tax withholdings amount to $6,600. The net pay of the 10 employees
during November is Select one: A. $25,000. B. $18,400. C. $16,892. D. $17,037.
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