C Company has 7 employees who earned a total of $21,000 in March ($3,000 each).CPP deductions are 4.95% paid by the employees and 4.95% paid by the employer. Income tax withholdings amount to $4,500. The employee EI rate is 1.88%. Thetake-home pay of the 7 employees for March is:
A)$15,065.70.
B)$19,597.20.
C)$21,000.00.
D)$20,607.30.
E)$19.960.50.

Question

Quizplus · Accepted Answer

The total deductions include CPP (4.95% of $21,000), EI (1.88% of $21,000), and income tax ($4,500). Subtract these from the total earnings to find the take-home pay.

C Company Has 7 Employees Who Earned a Total of $21,000