ABC Company showed the following information relating to employees’ salaries for the month. Gross Wages $4,600 Income Taxes $490 Canada Pension Plan Contributions $235 Employment Insurance Contributions $75 Note: The company matches 100% of CPP and 140% of EI. Do not enter dollar signs or commas in the input boxes. Required a) Calculate the company’s total expense. Gross Wages? Canada Pension Plan - Company's Portion? Employment Insurance - Company's Portion? Total Expense? b) Calculate the employee’s net pay? Use the negative sign for values that must be subtracted. Gross Wages? Income Taxes? Canada Pension Plan? Employment Insurance?   Net Pay?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...
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ABC Company showed the following information relating to employees’ salaries for the month. Gross Wages $4,600 Income Taxes $490 Canada Pension Plan Contributions $235 Employment Insurance Contributions $75 Note: The company matches 100% of CPP and 140% of EI. Do not enter dollar signs or commas in the input boxes. Required a) Calculate the company’s total expense.

Gross Wages?

Canada Pension Plan - Company's Portion?

Employment Insurance - Company's Portion?

Total Expense?

b) Calculate the employee’s net pay? Use the negative sign for values that must be subtracted.

Gross Wages?

Income Taxes?

Canada Pension Plan?

Employment Insurance?  

Net Pay?

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