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Fish Packers Inc. (FPI) had the following transactions: Dec. 31 Fish Packers Inc. announced a bonus...

Fish Packers Inc. (FPI) had the following transactions:

Dec. 31 Fish Packers Inc. announced a bonus earned by the employees during the year, which amounted to $500,000. The source deductions on the bonus earned were CPP of $24,750, which FPI matched; EI of $8,150, which it matched at 1.4 times; and income taxes of $125,000. In addition, FPI paid Workers’ Compensation Board of British Columbia premiums of 6.54% of gross wages.
Feb. 10 Paid the wages recorded on December 31.
Feb. 24 Made the remittance to the government related to the December 31 payroll.

Determine the amount of the employees’ net wages.

Solutions

Expert Solution

Gross wages 500000
Less: Deductions
CPP 24750
EI 8150
Income taxes 125000
Total Deductions 157900
Employees’ net wages 342100

ekkarill92 answered 1 year ago
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