Becca Harris works for Shallow Inc in Lethbridge, Alberta. Becca is going to receive a...

90.2K

Verified Solution

Question

Accounting

image
image
image
Becca Harris works for Shallow Inc in Lethbridge, Alberta. Becca is going to receive a 55,600.00 performance bonus on her next pay for meeting her previous year objectives. The bonus is the first Becca has received this year and will be paid on a separate cheque Becca claims code 1 on her federal and provincial TD1s. Her regular bi-weekly salary is $ 2,000.00 and she has a group term life insurance non-cash taxable benefit of $16.00 per pay. She will not reach the annual maximums for CPP contributions or el premiums with this payment Use this information to answer questions 3-7. Assume 2020 rates Calculate Becca's CPP contribution. Answer: 784,32 Calculate Becca's Employment Insurance Premium Answer: Using the federal tax tables for an Alberta employee, determine the federal tax to withhold on the entire bonus payment Hint: Use the bonus method when calculating income taxes. Look at "Example 1 - First or once-a-year bonus payment on the Google Doc Answer: Using the provincial tax tables for an Alberta employee, determine the provincial tax to withhold on the entire bonus poyment. Hint: Use the bonus method when calculating income taxes. Look at "Example 1 - First or once a year bonus payment on the Google Doc Answer Calculate Becca 's net bonus payment

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students