Question: The amount of CPP contributions has been 4.95% of CPP pensionable earnings for many years. For 2014, the year's maximum pensionable earnings (YMPE) is $52,500

The amount of CPP contributions has been 4.95% of CPP pensionable earnings for many years. For 2014, the year's maximum pensionable earnings (YMPE) is $52,500 and the first $3,500 is the year's basic exemption (YBE). Mortimer earns $65,000. How much are his CPP contributions in 2014?

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To calculate Mortimers CPP contributions in 2014 we need to consider the CPP pensionable earnings th... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

QUESTION 1 *BONUS T2125 - part 3B - line 3H - part 3C - line 8299 - part 4 - line 4A (all same value) QUESTION 2 *BONUS T2125 - part 7 - line 7H subtotal of business-use-of-home expenses QUESTION 3...

The information provided in this test allows you to set up all ledgers for an Ontario company named DERMAL DECOR. Dermal Decor specializes in high quality aesthetic body art with sterile equipment....

It is the end of December 2022, when Olga and Michael DObiski , age 53 and 56 respectively, come to you for some help with their financial planning. Although they have always been financially...

RETIREMENT PLANNING CASE STUDY: HARRY AND MEGAN SMITH FAMILY SITUATION Harry and Megan Smith are married. Harry is 60 years old and Megan is 50. Megan was born on January 1, and Harry on July 1. They...

= Homework: Chapt... HW Score: 21.59%, 19 of 88 points O Points: 0 of 12 Save Compute the net pay for each employee for the first week of August using the included tables. The only deductions are for...

QUESTIONS FOR ASSIGNMENT ANNA SMITH TAX (ON, CANADA - YEAR 2020) RESOURCES (IMAGES) FOR THE QUESTIONS ARE PROVIDED BELOW THE QUESTIONS RESOURCES QUESTION 1 *BONUS T2125 - part 3B - line 3H - part 3C...

3. Which of the following statements is not true about retirement savings? a. No tax is paid now on money paid into sheltered savings plans. b. Funds in sheltered savings plans grow before tax. c. No...

Background You are the HR Manager of a home improvement and repairs company in Waterloo (Ontario) region, Handy Howie's (HH). Recently HH completed a hiring campaign and created a new department,...

Compute the energy released in kilojoules when the Sun converts 1.00 metric tonne of matter into energy.

At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on $4,000, 90-day, 12% note (for 15 days) ... $20.00 Interest...

The staff meeting started at 2 : 0 0 p . m . , but Latasha didn t arrive until 2 : 3 0 p . m . She listened to a discussion of order - processing problems and began to shuffle through a stack of...

The wire of a tightly wound solenoid is unwound and used to make another tightly wound solenoid of twice the diameter. By what factor does the inductance change?

For the system of particles of Prob. 14.13, determine (a) The position vector r of the mass center G of the system, (b) The linear momentum mv of the system, (c) The angular momentum HG of the system...

For the game of billiards of Prob. 14.55, it is now assumed that v0 =5 m/s,vC = 3.2 m/s, and c = 1.22 m. Determine (a) the velocities vA and vB of balls A and B, (b) the point A?? where ball A hits...

Two small spheres A and B, with masses of 2.5 kg and 1 kg, respectively, are connected by a rigid rod of negligible mass. The two spheres are resting on a horizontal, frictionless surface when A is...

In the discussion of motional emf (Sect. 7.1.3) I assumed that the wire loop (Fig. 7.10) has a resistance R; the current generated is then I = vBh/R. But what if the wire is made out of perfectly...

The return of goods to the supplier will affect the purchase account. Question 27Answer True False

Prepare a statement of owners equity and a classified balance sheet from the partial worksheet for James Company of Penticton (page 598). Note: Of the Mortgage Payable, $200 is due within one year.

The chart of accounts for Angels Delivery Service of Flin Flon is as follows: Angels Delivery Service completed the following transactions during the month of March 2013: A. Alice Angel invested...

Chan Company recently had most of its records destroyed in a fire. The information for 2014 was discovered by the bookkeeper. Assist the bookkeeper in reconstructing an income statement for 2014....

Assuming a model With V(i) = 2, what is the generalized regression estimator of ty?

Using the data in nhanes.dat, fit a straight line regression model predicting y = waist circumference (variable bmxwaist) from x =thigh circumference (variable bmxthicr). You plotted these data in...

The linearization estimator of V () can be found by the method outlined in Section 9.1 (see Shah et al., 1977). However, the calculations are easier using the DemnatiRao (2004) method discussed in...