Calculate the gross retro-active payment owing

Assignment Help Accounting Basics
Reference no: EM133067333

Question - An employee has been earning $18/hr and regularly works 100 hours each monthly pay period. Due to the completion of union negotiations, as of October 1st, she will now earn $19.80/hr retro-actively, effective from April 30th. Assume the employee was being taxed @ 20% before her increase and will now be taxed @ 25%.

Note: the employee will not max out CPP & EI deductions. Ignore vacation.

Required - Calculate the gross retro-active payment owing and all applicable statutory deductions, assuming the employee will receive the retro-pay on a separate cheque from her regular monthly earnings.

Reference no: EM133067333

Questions Cloud

Essential elements of enforceable contract : Define the five essential elements of an enforceable contract, and demonstrate how each element relates to your example.
What is the cost of goods sold for wine : If the bar had a beginning inventory of $20,000 and transferred $1,000 worth of wine to the kitchen during the month, what is the cost of goods sold for wine
What is the elasticity of lifespan : 1. Suppose in a given country that the expected life span is 70 years. Health policymakers increase health care spending by 10%, and the lifespan rises
Explain purpose of testing the client''s bank reconciliation : The bank returned an NSF cheque from a customer for $560. Explain the purpose of testing the client's bank reconciliation
Calculate the gross retro-active payment owing : Calculate the gross retro-active payment owing and all applicable statutory deductions, assuming the employee will receive the retro-pay
How much would the future value of the investment increase : Julie wants to invest $3,000 into a mutual fund that pays 7% interest for 10 years. How much would the future value of the investment increase
Find short definition of quality and share : Find a short definition of quality (cite your source) and share it with the class. How does this definition fit a product or service you have used?
Performance excellence pro-file support principles : Describe how the specific practices of PVHS in the opening Performance Excellence Pro-file support the principles of TQ.
How much Gem report as Cash in its December statement : Time deposits restricted for use (expected use in 2021)- P300,000. How much should Gem report as "Cash" in its December 31, 2020 statement of financial position

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd