Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2020, Waterkraft prepared their semi-monthly payroll for their employees. The current CPP rate is 5.25%, the current El rate is 1.58%, and the appropriateincome tax rate is 19%. 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, 2020 is listedbelow.Employee Total Hours Hourly Rate Total Health CareM. Swift79.0$14.00S. Current 71.0$22.00B. Wavey71.0$18.00Do not enter dollar signs or commas in the input boxes.Round your answer to 2 decimal places.a) Calculate gross and net pay for each employee.Employee Gross$M. Swift 1027S. Current 1065$$13.00$15.00$16.00$Income Tax$195.13$202.35CPP*53.92x27.96XPayroll RegisterDeductions16.2316.83ΕΙ$$$Health Care711$$TotalDeductions$$Net Pay950.48XLA

Payroll is the method used to compensate employees for the work they have completed. This involves…

Answered: Employee Total Hours Hourly Rate Total…

Employee Total Hours Hourly Rate Total Health Care M. Swift $14.00 S. Current $22.00 B. Wavey $18.00 79.0 71.0 71.0 $13.00 $15.00 $16.00

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 64P

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Question

Waterkraft rents canoes and other water crafts to campers and hikers. On April 15, 2020, Waterkraft prepared their semi-
monthly payroll for their employees. The current CPP rate is 5.25%, the current El rate is 1.58%, and the appropriate
income tax rate is 19%. 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, 2020 is listed
below.
Employee Total Hours Hourly Rate Total Health Care
M. Swift
79.0
$14.00
S. Current 71.0
$22.00
B. Wavey
71.0
$18.00
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.
Employee Gross
$
M. Swift 1027
S. Current 1065
$
$13.00
$15.00
$16.00
$
Income Tax
$
195.13
$
202.35
CPP*
53.92
x
27.96
X
Payroll Register
Deductions
16.23
16.83
ΕΙ
$
$
$
Health Care
7
11
$
$
Total
Deductions
$
$
Net Pay
950.48
X
LA

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