Calculate the cpp exemption for payroll being paid weekly

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Reference no: EM133475240

Labour Costing Assignment

The purpose of this assignment is demonstrating the payroll calculations and Labour Cost calculations for a business that can be used to analysis the efficiency and quality of work provided by employees.

The Rolling Rock Restaurant records its payroll weekly for salaried and hourly rate employees separately. In the restaurant the tips are controlled and distributed to employees by their assigned percentage. During the past week $1525.00 was collected as tips from customers.

The statutory deduction rates for 2023 are:

CPP - 5.95%, EI - 1.58%, Income Tax - 22.4%, Vacation pay is accrued at a rate of 4%.

Instructions:

Using the information provided, complete the payroll chart on the following page.
How much will be spent on overtime wages?
Calculate the CPP exemption for payroll being paid weekly.
Add a column at the end of the chart to calculate the accrued vacation pay for each employee.
Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense for the week?
How much is the total labour cost for the week including the vacation pay and employer contribution that will be paid out a later date?
Calculate the labour cost percentage for the week if total sales for the week were $ 58,740.
The managers want to analysis the performance and efficiency of the staff by calculating the Sales per Person.

Reference no: EM133475240

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