Using the current year's CPP and El rates and annual maximums, manually calculate the CPP and...

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Using the current year's CPP and El rates and annual maximums, manually calculate the CPP and El deductions required on the following scenarios. Help one another out, if needed. Think of this as a group work project. Scenario One: Pete Dreger recently turned 18 years old the 3rd week in August. He is paid bi- weekly. He earned $1000 for the bi-weekly pay period ending August 31st. He also received a non-cash car allowance in the amount of $100 for the pay period. Scenario Two: Bob Bell, 50 years old, has YTD CPP contributions of $2,444.10 and El contributions of $876.23. Bob also has a taxable life insurance premium of $20/month. He is paid weekly, and his earnings for the weeks are as follows: Week One: $1500 Week Two: $3000 Week Three: $2500 Week Four: $3500 Using the current year's CPP and El rates and annual maximums, manually calculate the CPP and El deductions required on the following scenarios. Help one another out, if needed. Think of this as a group work project. Scenario One: Pete Dreger recently turned 18 years old the 3rd week in August. He is paid bi- weekly. He earned $1000 for the bi-weekly pay period ending August 31st. He also received a non-cash car allowance in the amount of $100 for the pay period. Scenario Two: Bob Bell, 50 years old, has YTD CPP contributions of $2,444.10 and El contributions of $876.23. Bob also has a taxable life insurance premium of $20/month. He is paid weekly, and his earnings for the weeks are as follows: Week One: $1500 Week Two: $3000 Week Three: $2500 Week Four: $3500

Answer rating: 100% (QA)

Answer CPP Deduction for Pete Dreger CPP contribution rate 2024 570 Maximum pensionable earnings 2024 64900 annually Since Petes pay is biweekly we fi... View the full answer