An employee receives a bi-weekly gross salary of $ 2,000. The employee's deductions include income tax of $ 218, CPP of $ 92, EI of $ 37, and union dues of $ 50. The employer's share of the deductions includes CPP of $ 92 and EI of $ 52. What is the total amount of Salaries and Employee Benefits Expense that XYZ Corp. would record on its income statement as a result of the employee's bi-weekly salary?

Question

Quizplus · Accepted Answer

The total amount of Salaries and Employee Benefits Expense that XYZ Corp. would record on its income statement as a result of the employee's bi-weekly salary is $2,144. This includes the employee's gross salary of $2,000, plus the employer's share of CPP and EI, which totals $144.

An Employee Receives a Bi-Weekly Gross Salary of $ 2,000