Calculate the cpp exemption for payroll being paid weekly

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

Questions Cloud

Identify the criteria used to address and resolve conflicts : Identify the criteria used to address and resolve conflicts. How do leaders choose the appropriate conflict strategy approach?

Describe the collective action problem : Describe the collective action problem, and the related free rider problem. Your answer should explain what both concepts mean,

What was your impression of managerial accounting : What you have learned this semester. What was your impression of managerial accounting before the semester started vs. what you think about it now?

Do you think fraud is likely in small government entities : Does the fraud triangle apply to small government entities such as a small town or small city?

Calculate the cpp exemption for payroll being paid weekly : How much will be spent on overtime wages and Calculate the CPP exemption for payroll being paid weekly.

What message is truman sending to the soviet union : What arguments are being made in this statement by President Truman in support of the Marshall Plan? What re world events are directly and indirectly alluded

How would this policy impact the overall system : faculty pay increases will be possible only if enrollment increases above last year's targets. How would this policy impact the overall system

Describe competencies of interprofessional collaboration : Provides two strategies to focus on interdisciplinary collaboration. Evaluate and describe competencies of interprofessional collaboration.

Why did the english travel to the new world : Why did the English travel to the New World? How was the settlement of New England different than the more southern colonies?

User Account

All Pages