Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 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 $1,650.00 and she has a group term life insurance non-cash taxable benefit of $12.50 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. Calculate Becca's CPP contribution.
Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 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 $1,650.00 and she has a group term life insurance non-cash taxable benefit of $12.50 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. Calculate Becca's CPP contribution.
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 46P
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Transcribed Image Text:Beth Campbell works for ZoneXX Inc. in York, Ontario. Beth is going to receive a $6,000.00 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 $1,650.00 and she has a group
term life insurance non-cash taxable benefit of $12.50 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.
Calculate Becca's CPP contribution.
Answer: 876.70
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