Hemal Thomas is an employee in British Columbia. The net pay calculation is for the first bi-weekly pay of 2022. The employee is 32 years old and is entitled to 70hours regular pay at $20/hour, 3 hours of overtime at time-and-a-half, and a $100 safety shoe allowance for this pay period. The employee also receives a monthlycar allowance of $200 and the employer pays group life insurance of $35 a month. Vacation at 4% is accrued. The employee contributes $20 per pay to the UnitedWay. $20 per month to the company social club, and $15 per pay for union dues. The employee's TD1 federal and provincial are code 2. (Assume 26 weeks in ayear.)CPP contribution is:Multiple ChoiceO$73.76$79.13$79.78

CPP contribution, also known as Canada Pension Plan contribution, is a mandatory contribution made…

Answered: Hemal Thomas is an employee in British…

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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Answer the following questions in full. 1. Pam is compensated with an annual salary of $130,000 paid biweekly. Her regular workweek consists of four 10-hour days, and she is eligible for overtime at 1.5 times pay for any work in excess of his regular requirements. Pam worked regular hours for the first two weeks. Over the next two weeks, Pam worked her regular hours and became eligible for 11 hours of overtime. During these two weeks, she worked her regular shift on Christmas Eve but her employer had agreed to give her another day off with pay in the future. a. Determine Pam's gross earnings for the first two-week pay period. b. Determine Pam's gross earnings for the second two-week pay period. 2. Sam has taxable gross income of $214,500. c. Calculate the federal at a simple rate of 10% d. Calculate the state annual income taxes individually for the 3 states seen below. e. Then sum the amounts to calculate the total annual income taxes. 1. a. Tax rates in the following states are: i.…
Charlet Company has 35 employees who work 8 hour a day and are paid hourly. On January 1, 2019, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in 2019 may first be taken on January 1, 2020. Information relative to these employees is as follows:Year Hourly Wages Vacation Days Earned by EachEmployee Vacation Days Used by EachEmployee2019 P 12.90 10 None2020 13.50 10 82021 14.25 10 10Charlet has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is carried. 1. What is the amount of expense relative to compensated absences that should be reported on Charlet’s income statement for 2020? 2. What is the amount of the accrued liability for compensated absences that should be reported at December 31, 2021?
Parker is a salaried, nonexempt administrator for Forise Industries and is paid biweekly. The annual salary is $65,200 with a standard workweek of 40 hours. During the pay period ending February 4, 2022, Parker worked 8 hours of overtime. Parker is married filing jointly with two dependents under the age of 17. Required: Complete the following payroll register for Parker's pay. Note: Round your intermediate calculations and final answers to 2 decimal places. Company Name Parker Total Forise Industries Period Filing Status Dependents Salary Hourly Rate Period Ended: Number of Number of Overtime Regular Hours Hours Regular Earnings $ 2/4/2022 Overtime Earnings Gross Earnings 0.00 $ 0.00 $ 0.00
Oregon Company's employees are eligible for retirement with benefits at the end of the year in which both age 60 is attained and they have completed 35 years of service. The benefits provide 15 years' reimbursement for health care services of $37,000 annually, beginning one year from the date of retirement. Ralph Young was hired at the beginning of 1988 by Oregon after turning age 22 and is expected to retire at the end of 2026 (age 60). The discount rate is 4%. The plan is unfunded. The PV of an ordinary annuity of $1 where n=15 and /= 4% is 11.11839. The PV of $1 where n = 2 and /= 4% is 0.92456. With respect to Ralph, what is the interest cost to be included in Oregon's 2025 postretirement benefit expense, rounded to the nearest dollar? Multiple Choice О $14,434 О $14,509 О $15,398 None of these answer choices are correct Activate Wir Go to Settings to
Hemal Thomas is an employee in British Columbia. The net pay calculation is for their first bi- weekly pay of 2023. The employee is 32 years old and is entitled to 70 hours regular pay at $ 20/hour, 3 hours of overtime at time - and - a - half, and a $100 safety shoe allowance for this pay period. The employee also receives a monthly car allowance of $200 and the employer pays group life insurance of $35 a month. Vacation at 4% is accrued.The employee contributes $20 per pay to the United Way, $20 per month to the company social club, and $15 per pay for union dues. The employee's TD1 federal and provincial are code 2. (Assume 26 weeks in a year.) Total deductions are: Multiple Choice $330.63. $324.02. $347.99. $337.06.
Mr Jonas is an employee of Polokwane Municipality. During the week ended 24 February 2019, Mr Jonas worked 48 hours. The Municipality's normal week consists of 40 hours. Out of the 48 hours that Mr Jonas worked, 4 hours were on a Sunday. The municipality wage rates per hour is R72 for Normal time, 1.5 times overtime on normal week days. Double rates are paid for Sundays and Public holidays overtime. All municipality workers are subject to the following deductions: Pension fund 8% Medical aid 5.5% PAYE 30% UIF 1% Medical aid is deductible from the basic wage. Mr Jonas also receives the following allowances: Travelling allowance R100 per week Entertainment allowance R120 each week REQUIRED: Calculate the net wage payable to Mr Jonas for the week ended 24 February 2019.
a) Syed works in a construction company. He earns RO 8 per hour and worked 45 hours per week. At the end of 7th month rate per hour increased to RO 10. According to the agreement, he is eligible for overtime (time-and-a-half pay) based on 38 hours regular work per week. You are required to calculate annual gross pay of Syed? Assume that 4 weeks in a month.
On January 1, 2019, FrankKeating Company decided to grant its employees 10 vacation days and five sick days each year. Vacation days are earned can be carried over to the next year but not sick days. Each employee took an average of four sick days in 2019. During the year, each of Mike’s sixty employees earned P300 per day (increases by 5% each year) and had three unused vacation pays as of yearend. How much is the Vacation Pay Expense? How much is the Sick Pay Expense? How much is the Liability for Compensated Absences?
During 2023, Lincoln Company hires 24 individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $9,850 during the year. Determine the amount of Lincoln's work opportunity credit. $fill in the blank 1.
Brianna Whitman works for Schaum, Whitney, & Matte, LLP, in Washington, D.C., which pays employees on a biweekly basis. Brianna's annual salary is $163,600. The company started in 2021. Required: Calculate the following: (Do not round intermediate calculations. Round your answers to 2 decimal places.) Pay Period End September 24 December 31 Prior YTD Earnings Social Security Taxable Wages Medicare Taxable Wages Employer Share Social Security Tax Employer Share Medicare Tax
You are a salaried employee, paid semi-monthly. You earn $5,200 gross income each pay period. What is your realized in- come for the year?
Oregon Co.'s employees are eligible for retirement with benefits at the end of the year in which both age 60 is attained and they have completed 35 years of service. The benefits provide 15 years’ reimbursement for health care services of $26,000 annually, beginning one year from the date of retirement.Ralph Young was hired at the beginning of 1991 by Oregon after turning age 22 and is expected to retire at the end of 2029 (age 60). The discount rate is 5%. The plan is unfunded.The PV of an ordinary annuity of $1 where n = 15 and i = 5% is 10.37966.The PV of $1 where n = 2 and i = 5% is 0.90703.What is the present value of Ralph's net benefits as of his expected retirement date, rounded to the nearest dollar?

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