An employee who earns $1,060 bi-weekly received an increase of 4.8%, which was applied retroactively...
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Accounting
An employee who earns $1,060 bi-weekly received an increase of 4.8%, which was applied retroactively for 14 pay periods. Assume the employee is taxed @ 15% before their increase and is now taxed @ 18%. There will not be any CPP or EI max out. Ignore VK entitlements. Required: Calculate the retro-active pay owing, including all applicable statutory deductions, assuming the employee will receive the amount on a separate cheque from their new regular earnings.
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