Can someone please explain how I answer this question? It's question number 3 1. Calculate the gross income for someone who works 38 h at$12.50/h.38 hx$12.50 = 4752. Name, in full, the four primary payroll deductions.Income taxEmployment insurance (EI)Canada Pension Plan (cee)optional decutions3. What percent of gross pay does an employee contribute to CPP

As per 2022 table, CPP is 5.7% of gross pay subject to basic personal exemption of $ 3500 and the…

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Business

Accounting

Can someone please explain how I answer this question? It's question number 3

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 10PA: Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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Can someone please explain how I answer this question? It's question number 3

1. Calculate the gross income for someone who works 38 h at
$12.50/h.
38 hx$12.50 = 475
2. Name, in full, the four primary payroll deductions.
Income tax
Employment insurance (EI)
Canada Pension Plan (cee)
optional decutions
3. What percent of gross pay does an employee contribute to CPP

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Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.
Reference Figure 12.15 and use the following information to complete the requirements. A. Determine the federal income tax withholdings amount per monthly pay period for each employee. B. Record the employee payroll entry (all employees) for the month of January assuming FICA Social Security is 6.2%, FICA Medicare is 1.45%, and state income tax is equal to 3% of gross income. (Round to the nearest cent if necessary.)
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