Total value for the employer contribution

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Reference no: EM133181111

Problem:

Month

Week

Compensation

Jan

Week 1

750.00

 

Week 2 

800.00

 

Week 3

1500.00

 

Week 4 

467.00

Feb

Week 5

1532.00

 

Week 6    

788.00

 

Week 7 

1500.00

 

Week 8

 673.00

Mar

Week 9 

7456.00

 

Week 10

1417.00

 

Week 11

680.00

 

Week 12

979.00

Apr

Week 13

1150.00

 

Week 14

1334.00

 

Week 15

711.00

 

Week 16

743.00

May

Week 17

901.00

 

Week 18

945.00

 

Week 19

1300.00

 

Week 20

1264.00

 

 

 

Assuming the worker is paid weekly the total value for the employer's contribution for April is $

Employee contributions total 5% of gross earnings. The maximum amount on which contributions are payable is $5,000.00 per month, $1,160.00 per week.  The Maximum 5% deductions for any given period is $250.00. Employers are required to pay 1% of gross earnings for employees under the age of 16 and over the age of 60.

The employer's contribution is 6% of the employee's insurable earnings (5% must be dectuded from the employee's salary). The maximum insurable earnings on which contributions are payable are: $5,000 per month / $1,160 per week.

Reference no: EM133181111

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