Sally works for Nikko Enterprises and earns $990 bi-weekly. She has just received a 2% pay...

Sally works for Nikko Enterprises and earns $990 bi-weekly. She has just received a 2% pay increase, effective this current pay period. In addition, Sally is entitled to five weeks’ vacation pay, which is paid each pay period.

Each pay, Sally also receives a group medical benefit of $40, which is shared 50/50 with her employer. She also receives an annual group term life insurance benefit of $1,250. Both plan values include applicable sales tax.

In addition, the following are other deductions from Sally’s pay, each bi-weekly period; $12 for union dues, $28 for a company loan repayment and $7 toward an employee social fund.

Assume income taxes are calculated at a combined rate of 18%.

Required:

1) Determine Sally’s Net Pay for one bi-weekly pay period, and

2) What is the amount owing to the CRA for statutory deductions (PD7A)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Mary earns an annual salary of $44,550.00 in Alberta and is paid bi-weekly basis.She receives a...

Mary earns an annual salary of $44,550.00 in Alberta and is paid bi-weekly basis.She receives a $75 car allowance each pay.Her owner pays 100% of the premium for it's employees group term life insurance coverage.The premium the company pays for Mary's coverage are a non-cash taxable benefit of $18.00 per pay.Mary contributes 4% of her salary to company's registered pension plan.Her federal and Alberta TD1 claims code are 1.Calculate her total income tax deduction for this pay period.

Sally Chapel works for Adams Photography in Alberta and earns an annual salary of $53,500.00 paid...

Sally Chapel works for Adams Photography in Alberta and earns an annual salary of $53,500.00 paid on a bi-weekly basis. The company’s benefit package includes group term life insurance coverage of two times annual salary; the group term life insurance premium rate is $0.74 per $1,000.00 of coverage. Helen receives a taxable car allowance of $25.00 every pay for using her own car to go to client appointments. Her federal and provincial TD1 claim codes are 3. Helen will not...

Your friend works as a software analyst and earns $80000 a year. She also has a...

Your friend works as a software analyst and earns $80000 a year. She also has a part-time job of baking cooking for school and party events. She earns up to $500 per event and caters as many as five events a month . She is wondering if she should switch to baking cookies full time when she might be able to cater 25 events a month. Her operating expenses would be expected to rise by $10000 per year. What is...

what does an organization need to do if they have 27 bi-weekly pay periods in the...

what does an organization need to do if they have 27 bi-weekly pay periods in the year?

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your...

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your parents told you to do this). You have a mortgage of $570,000 amortized over 32 years at a rate of 4.2 percent APR compounded semi-annually. (Assume 52 weeks a year.) a. What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Regular bi-weekly payment $...

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your...

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your parents told you to do this). You have a mortgage of $530,000 amortized over 28 years at a rate of 3.8 percent APR compounded semi-annually. (Assume 52 weeks a year.) a. What would the regular bi-weekly payment be? b. What would the accelerated bi-weekly payment be? c. How much quicker would you pay off the mortgage payment? d. How much interest would you save...

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your...

You want to pay off your mortgage on something called an accelerated bi-weekly payment plan (your parents told you to do this). You have a mortgage of $580,000 amortized over 33 years at a rate of 4.3 percent APR compounded semi-annually. (Assume 52 weeks a year.) a. What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Regular bi-weekly payment $ ...

1) Melissa works as a biller for a small medical company and has just received her paycheck.

1) Melissa works as a biller for a small medical company and has just received her paycheck. Her gross earnings were: 4300, with $900 deducted for Federal & State taxes, $175 deducted for medical insurance premiums, and $50 for disability insurance. What is Melissa’s disposable income? ______________________ What is Melissa’s discretionary Income? ______________________ 2) Using the information in questions 2, if Melissa also paid $1000 in rent, $100 for electric & gas, $50 in groceries, $150 for two pairs...

Leah works for Toffolon Technicians in New Hampshire, where she earns $29,400 annually. She contributes 3.5%...

Leah works for Toffolon Technicians in New Hampshire, where she earns $29,400 annually. She contributes 3.5% to her 401(k), of which her employer matches 1.75%. Her employer contributes $150 per month for her health insurance, $40 per month for her life insurance, and $30 per month for her AD&D insurance. Toffolon Technicians pays employer-only taxes and insurance that comprises an additional 17% of Leah’s annual salary. What is Leah’s total annual compensation? A. 37552.5 B. 38581.5 C. 29400 D. 36523.5

Alice works at the local restaurant as a food server. She typically earns 18% tips on...

Alice works at the local restaurant as a food server. She typically earns 18% tips on her tables served during her shift. From her tip earnings she is required to pay 5% of liquor sales served at her tables to the bartender. Additionally, she is required to pay 2% of her total sales to the hostess. Alice averages sales of 80% food and 20% liquor. This is the last night Alice works before rent is due and she is $92...

Subjects