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Employee #1 Colin Forth, 40 years old Annual Salary $80,000 Married with a 10-year-old son Studied part-time at...

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Accounting

Employee #1 Colin Forth, 40 years old

Annual Salary $80,000

Married with a 10-year-old son

Studied part-time at Humber College for 2 months, and paidtuition fees of $1,500.

Spouse, Emma has $65,000 income

Employee #2 Renata Hoover, 45 years old

Annual Salary $70,000

Studied full-time at University of Toronto for 4 months, paidtuition fees of $4,500

Renata’s 75-year-old father lives with her. Her father qualifiesfor disability tax credit and has no income.

Both employees have been employed since January 1, 2019.

Pay period—Semi-monthly (for example Jan. 2019 is paid onJan.15, 2019 & Jan.31 2019).

complete the chart below

EmployeeANNUALSemi-monthlyGROSSCPPEIFEDERALPROVINCIALTotal TaxesNET
Jul.15, 2019
Colin Forth
Renata Hoover
Total
Jul.31, 2019
Colin Forth
Renata Hoover
Total
Total (Jul,2019)
Payroll Tax Deduction
Jul.15, 2019
Total employee portion
Total employer portion
Total remittance
Jul.31, 2019
Total employee portion
Total employer portion
Total remittance

Answer & Explanation Solved by verified expert
3.6 Ratings (342 Votes)

Employee ANNUAL Semi-monthly GROSS CPP EI FEDERAL PROVINCIAL Total Taxes NET
Jul.15, 2019
Colin Forth 80000 2473.62 80000 2829.9 860.22 11241 5702 16943 59366.88
Renata Hoover 70000 2298.875 70000 2829.78 860.22 7929 3208 11137 55173
Total 150000 4772.495 150000 5659.68 1720.44 19170 8910 28080 114539.9
Jul.31, 2019
Colin Forth 80000 2473.62 80000 2829.9 860.22 11241 5702 16943 59366.88
Renata Hoover 70000 2298.875 70000 2829.78 860.22 7929 3208 11137 55173
Total 150000 4772.495 150000 5659.68 1720.44 19170 8910 28080 114539.9
Total (Jul,2019) 9544.99
Payroll Tax Deduction
Jul.15, 2019
Total employee portion 2473.62 468.375 237.583333 705.958333
Total employer portion 2298.88 330.375 133.666667 464.041667
Total remittance 4772.495
Jul.31, 2019
Total employee portion 2473.62 468.375 237.583333 705.958333
Total employer portion 2298.88 330.375 133.666667 464.041667
Total remittance 4772.495

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