If the Canada Pension Plan deduction for an employee is $57.45 for the pay cycle, how much must the employer pay for the same period? O a. $0.00 O b. $57.45 O c. $80.43 Od. $28.73
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- PLS HELP ASAPEA16. 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?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 employees
- Ee.37.Calculate the total remittance due to Revenu Québec for this remitting period, if a Québec employer's total statutory deductions including employer and employee portions are Québec Pension Plan \$7,000.00, Employment Insurance $5,600.00 , Québec Parental Insurance Plan $2,500.00 , provincial tax $15,000.00 plus employer contributions to the health services fund $3,000.00 , and employer contributions to Commission de la santé et de la sécurité du travail \$1,200.00:An 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 expenses
- 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) $18 237.78a. 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 CanadaAn 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 72,000
- Which of the following payments will be subject to Canada Pension Plan contributions? A lump sum payment of accumulated sick leave credits owing to a deceased employee A lump sum payment to an injured employee to cover living expenses while waiting for Workers' Compensation benefits A lump sum severance payment paid with an employee's final pay A lump sum death benefit payment to an employee's surviving spouseTh e relationship between the periodic pension cost and the plan’s funded status is bestexpressed in which of the following?A . Periodic pension cost of –£483 = Ending funded status of –£4,774 – Employer contributions of £693 – Beginning funded status of –£4,984.B . Periodic pension cost of £1,322 = Benefi ts paid of £1,322.C . Periodic pension cost of £210 = Ending funded status of –£4,774 – Beginning fundedstatus of –£4,984True/False As long as an individuals emplyer has paid at leats 50% of the total contribution cost to fund and employee's pension, all pension plan payments received by the retired employee must be included in gross income of the retired employee.
