Joanne Leblanc works for Blossom Cosmetics in Alberta and is paid an annual salary of $58,886.00 on a weekly basis. Earlier this year Joanne received a performance bonus of $3,675.00. She was recently awarded a $5,525.00 bonus for her process improvement suggestions which will be paid separately from her regular pay. Her federal and provincial TD1 claim codes are 2 and she will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Calculate the employee's net second bonus, following the order of the steps in the net pay template

Joanne Leblanc works for Blossom Cosmetics in Alberta and is paid an annual salary of $58,886.00 on a weekly basis. Earlier this year Joanne received a performance bonus of $3,675.00. She was recently awarded a $5,525.00 bonus for her process improvement suggestions which will be paid separately from her regular pay. Her federal and provincial TD1 claim codes are 2 and she will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Calculate the employee's net second bonus, following the order of the steps in the net pay template

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Godo
Your answer is partially correct. Karen Peters' regular hourly wage rate is $42, and she receives an hourly rate of $63 for work in excess of 40 hours. During a March pay period, Karen works 47 hours. Karen's federal income tax withholding is $80, and she has no voluntary deductions. The FICA tax rate is 7.65%. A Prepare the journal entry to record Karen's pay for the period. Use March 15 for the end of the pay period. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Mar. 15 here to search Account Titles and Explanation Salaries and Wages Expense FICA Taxes Payable Salaries and Wages Payable Cash Ef 50 Chp Debit 2,121 Credit 162.25 1.878.75 1,878.75 12:1 61°F Clear ^ @4) 934
Mike Samson is a college football coach making a base salary of $652,800 a year ($54,400 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400, compute how much will be withheld during the year for Coach Samson’s Social Security and Medicare. What matching amount will the employer need to contribute?
F1
Joanne Keating, who is paid S2,200.00 bi-weekly, also receives the following in addition to her regular salary each pay: a group term life insurance non-cash taxable benefit of $6.50 and a taxable cash car allowance of $250.00. Calculate both Joanne's and her employer's Québec Parental Insurance Plan premiums assuming she has not reached the annual maximum.
Don't copy previous Chegg answer In 2021, XYZ Ltd, a British Columbia employer, awards Terry Reid a $2,250.00 bonus that will be paid out together with her bi-weekly salary of $2,100.00. Terry will not reach the annual CPP maximum contribution with this payment. What is Terry's CPP contribution? (Make sure you round to the nearest cent). Hint: The amount of Terry's gross pensionable/taxable income is required to manually calculate her CPP contributions. Since the bonus is included with regular pay, calculate CPP as you normally would.
You are in your third year as an internal auditor with VXI International, manufacturer of parts and supplies for jet aircraft. VXI began a defined contribution pension plan three years ago. The plan is a so-called 401(k) plan that permits voluntary contributions by employees. Employees’ contribution are matched with one dollar of employer contribution for every two dollars of employee contribution. Approximately $500,000 of contributions is deducted from employee paychecks each month for investment in one of three employer-sponsored mutual funds. While performing some preliminary audit tests, you happen to notice that employee contributions to these plans usually do not show up on mutual fund statements for up to two months following the end of pay periods from which the deductions are drawn. On further investigation, you discover that when the plan was first begun, contribution were invested within one week of receipt of the funds. When you question the firm’s investment manager about…
Coleen works for a newspaper in Hamilton, Ontario. Last year (2022), Coleen expects to earn $42,000. How much would she have been required to contribute to CPP? Ignore the employer contribution. None of the above are correct. $2,194.50 $2,290.75 $2,098.25
Santini's new contract for 2023 indicates the following compensation and benefits: Salary Benefit Description Health insurance Restricted stock grant Bonus Hawaii trip Group-term life insurance Amount $ 130,000 9,000 2,500 5,000 4,000 Parking ($330 per month) 1,600 3,960 Santini is 54 years old at the end of 2023. He is single and has no dependents. Assume that the employer matches $1 for $1 for the first $6,000 that the employee contributes to his 401(k) during the year. The restricted stock grant is 500 shares granted when the market price was $5 per share. Assume that the stock vests on December 31, 2023, and that the market price on that date is $7.50 per share. Also assume that Santini is willing to make any elections to reduce equity-based compensation taxes. The Hawaii trip was given to him as the outstanding salesperson for 2022. The group-term life policy gives him $150,000 of coverage. Assume that Santini does not itemize deductions for the year. Determine Santini's taxable…
Vishnu
Ee.64.
Sami Terry is working as an Electrician for Siemens International in Toronto, Ontario. He earns $1500.00 on a bi-weekly basis. Sami’s Federal and provincial code for TD1 is 2(Hint: you can use 2021 tax deduction table or any other year if you prefer or PDOC). He has a cash taxable benefit of $30.00 and a non-taxable benefit of life insurance each pay period of $45.00 each pay period. He is also contributed $60.00 RPP each pay period. Required: Calculate Sami Terry’s Net Pay Check the following points if there are applicable only. Step One: Determine Gross Earnings Step Two: Determine Non-Cash Taxable Benefits Step Three: Determine CPP contributions (Use 5.45%) Step Four: Determine EI premium (Use 1.58%) Step Five: Determine QPIP premium Step Six: Determine federal & provincial tax Step Seven: Determine Northwest Territories/Nunavut (NT/NU) Payroll Tax Step Eight: Total Deductions Step Nine: Net Pay? Please Help me...