Ferris Party Rental has 10 employees who earned a total of $25,000 in November ($2,500 each). The applicable rates for CPP and EI are 4.95% and 1.88% respectively. Income tax withholdings amount to $6,600. The net pay of the 10 employees during November is

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To calculate the net pay, first calculate the total deductions for CPP and EI. CPP is 4.95% of $25,000, which is $1,237.50. EI is 1.88% of $25,000, which is $470. Total deductions for CPP and EI are $1,237.50 + $470 = $1,707.50. Add the income tax withholdings of $6,600 to get total deductions of $8,307.50. Subtract this from the total earnings of $25,000 to get the net pay: $25,000 - $8,307.50 = $16,692.50, which rounds to $16,837.

Ferris Party Rental Has 10 Employees Who Earned a Total