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

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 ago

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