Reference no: EM132789736
Hydrogen Co. has the following payroll information for the period ending June 30:
Gross salaries and wages............................ $100,000
CPP rate..................................................... 4.95%
EI rate......................................................... 1.83%
Employee income tax................................. deducted $20,000
Company pension deducted....................... 5% of gross salaries and wages
Union dues deducted.................................. $ 800
Problem 1: Assume 100% of the gross salaries and wages are subject to CPP and EI. Therefore, the NET pay for this period is
A. $68,220.
B. $66,690.
C. $67,420
D. $ 72,420.
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