Question
In: Finance
Larry had $55,000 of earned income in 2016. Determine the amount of Larry’s CPP contribution using...
Larry had $55,000 of earned income in 2016. Determine the amount of Larry’s CPP contribution using the appropriate CPP contribution rateand YMPE. Please explain step by step
Solutions
Expert Solution
Answer :
Maximum annual pensionable earning(YMPE) for 2016 is 54900
Basic exemption amount 3500
Maximum contributory earning 51400 (54900-3500)
Employer and employee contribution (%) 4.95%
Maximum employee and employer contribution = 2544.30 (51400*4.95%)
In case of self employed, Maximum Contribution will be 5088.60 (2544.30+2544.30)
jeff jeffy answered 2 years agoRelated Solutions
The Larry, Moe, and Curly Partnership had capital balances of $55,000 for Larry; $60,000 for Moe;...
The
Larry, Moe, and Curly Partnership had capital balances of $55,000
for Larry; $60,000 for Moe; and $4,000 for Curly. There were assets
of $100,000 in cash and $75,000 in AR. There were AP of $45,000 and
$11,000 in Salaries Payable. The partnership was liquidated. The
income and expense ratio as per the partnership agreement was to
split all items evenly. The AR was sold for $50,000.
Prepare a Partnership Liquidation Statement using an Excel
chart.
Note: Entries must be...
3. Suppose Reuben earned a salary of $50,000 in 2015 and $55,000 in 2016. a) The...
3. Suppose Reuben earned a salary of $50,000 in 2015 and $55,000
in 2016.
a) The consumer price index was 120 in
2015 and 132 in 2016. What has happened to Reuben’s nominal and
real income from 2015 to 2016? Show your work. –
b) Suppose Reuben owed student loans
that had an interest rate of 3 percent. What was the real interest
rate on Reuben’s student loans for 2015-2016. Show your work.
Determine the amount of the Earned Income Credit in each of the following cases. Assume that...
Determine the amount of the Earned Income Credit in each of the
following cases. Assume that the person or persons are eligible to
take the credit. Calculate the credit using the formulas.
A single person with earned income of $7,554 and no qualifying
children.
A single person with earned income of $22,500 and two qualifying
children.
A married couple filing jointly with earned income of $34,190
and one qualifying child.
Determine the amount of cash that Larry Mattingly's father should give him.
Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $83,000 on his next birthday. However, Larry needs money today to start his college education, and his father is willing to help. Mr. Mattingly has agreed to give Larry the present value of the $83,000 future cash inflow, assuming a 10 percent rate of return. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.)
Required
a. Determine the amount of...
Determine the amount of interest that will be earned on each of the following investments: (Round...
Determine the amount of interest that will be earned on each of
the following investments: (Round answers to 2 decimal
places, e.g. 15.25.)
(i)
(n)
Investment
Interest
Rate
Number of
Periods
Type of
Interest
Amount of
Interest
a.
$160
5%
1
Simple
enter a dollar amount rounded to 2
decimal places
b.
$700
9%
3
Simple
enter a dollar amount rounded to 2
decimal places
c.
$700
7%
2
Compound
enter a dollar amount rounded to 2
decimal places
Complete the multi product contribution margin income statement with the given information: Net income earned during...
Complete the multi product contribution margin income statement
with the given information:
Net income earned
during most recent period:
$
65,000
Contribution margin
ratio:
15%
Fixed costs incurred during
most recent period:
$
175,000
Statutory tax rate:
37%
Operating income generated at
breakeven:
$
-
Applicable to the Football
Division
Selling price per
football
$
18.00
Total variable cost dollars
incurred by Football Division
$
952,088
Quantity of footballs sold
during most recent period:
64,000
Applicable to the Baseball...
Determine (a) the contribution margin ratio, (b) the unit contribution margin, and (c) income from operations.
Lanning Company sells 160,000 units at $45 per unit. Variable costs are $27 per unit, and fixed costs are $975,000. Determine a) the contribution margin ratio,(b) the unit contribution margin, and c) income from operations.
Determine the (a) contribution margin ratio, (b) unit contribution margin, and (c) income from operations.
Molly Company sells 20,000 units at $12 per unit. Variable costs are $9 per unit, and fixed costs are $25,000. Determine the (a) contribution margin ratio, (b) unit contribution margin, and (c) income from operations.
Using C++ code, write a program named q3.cpp to compute the total amount of medicine m...
Using C++ code, write a program named q3.cpp to compute the
total amount of medicine m absorbed by a rabbit, where the rabbit
gets 2 pills containing n1 and n2 grams of medicine, respectively,
of which the rabbit absorbs 60% and 35%, respectively, and n1 and
n2 are input by a user via the keyboard.
Using C++ code, write a program named q3.cpp to compute the total amount of medicine m...
Using C++ code, write a program named q3.cpp to compute the
total amount of medicine m absorbed by a rabbit, where the rabbit
gets 2 pills containing n1 and n2 grams of medicine, respectively,
of which the rabbit absorbs 60% and 35%, respectively, and n1 and
n2 are input by a user via the keyboard.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- An investment project costs $20,100 and has annual cash flows of $4,400 for six years. ...
- PUT IN JAVA PROGRAMMING The StockB class: Design a class named StockB that contains the following...
- Draw a DFA for the following ( ∑ = {0,1}): Set of all strings with.
- In the article from Forbes notes that the goal of a leader is not to clone...
- Many people keep time using a 24 hour clock (11 is 11am and 23 is 11pm,...
- UNIX ONLY -- DIFFICULT LAB ASSIGNMENT This is an extremely difficult subject for me. Could you...
- Do you know why your credit card can be refused even though you are profitable?
ADVERTISEMENT