Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2019, Waterkraft prepared their semi- monthly payroll for their employees. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 21%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for April 15, 2019 is listed below. Employee Total Hours Hourly Rate Total Health Care M. Swift $14.00 $14.00 $16.00 $20.00 $13.00 $20.00 S. Current 82.0 B. Wavey 73.0 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. Payroll Register Employee M. Swift S. Current B. Wavey Total 82.0 CPP* EI Health Care Deductions Gross $Answer $Answer $Answer Income Tax CPP* $Answer $Answer $Answer $Answer $Answer *Remember to properly account for the $3,500 exemption b) Calculate the employer contributions. Employer Contributions $Answer $Answer $Answer ΕΙ Health Care $Answer $Answer $Answer $Answer $Answer $Answer Total Deductions Net Pay $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer
Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2019, Waterkraft prepared their semi- monthly payroll for their employees. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 21%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for April 15, 2019 is listed below. Employee Total Hours Hourly Rate Total Health Care M. Swift $14.00 $14.00 $16.00 $20.00 $13.00 $20.00 S. Current 82.0 B. Wavey 73.0 Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. Payroll Register Employee M. Swift S. Current B. Wavey Total 82.0 CPP* EI Health Care Deductions Gross $Answer $Answer $Answer Income Tax CPP* $Answer $Answer $Answer $Answer $Answer *Remember to properly account for the $3,500 exemption b) Calculate the employer contributions. Employer Contributions $Answer $Answer $Answer ΕΙ Health Care $Answer $Answer $Answer $Answer $Answer $Answer Total Deductions Net Pay $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer $Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
N,11.
Account
Transcribed Image Text:Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2019, Waterkraft prepared their semi-
monthly payroll for their employees. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income
tax rate is 21%. The employer pays half of the health care premium, and the employees pay the other half. Assume the
employer contributes 100% toward CPP and 140% toward El. Payroll information for April 15, 2019 is listed below.
Employee Total Hours Hourly Rate Total Health Care
M. Swift
82.0
$14.00
$14.00
$16.00
$20.00
$13.00
$20.00
S. Current 82.0
B. Wavey
Do not enter dollar signs or commas in the input boxes.
Round your answer to 2 decimal places.
a) Calculate gross and net pay for each employee.
Payroll Register
Employee
M. Swift
S. Current
B. Wavey
Total
CPP*
73.0
ΕΙ
Health Care
Deductions
Health Care
Gross
Income Tax CPP* ΕΙ
$Answer $Answer $Answer $Answer $Answer
$Answer $Answer
$Answer
$Answer
$Answer $Answer
*Remember to properly account for the $3,500 exemption
b) Calculate the employer contributions.
Employer Contributions
$Answer
$Answer
$Answer $Answer $Answer
$Answer $Answer $Answer
$Answer
$Answer $Answer $Answer
Total Deductions Net Pay
$Answer
$Answer
$Answer
$Answer
$Answer
$Answer
$Answer
$Answer
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