Question

Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Income taxes Canada Pension Plan contributions Employment Insurance contributions Pension plan contributions Charitable contributions Union dues $63,000 31,000 5,000 7,250 1% of gross pay 2% of gross pay
Required: 1.
What is the amount of net pay recorded by Hernandez?

Answer 1

Answer:

The amount of net pay recorded by Hernandez is $380,650

Explanation:

Gross Pay                      $500,000

Income Tax                      $63,000

Social security              $31,000

Medicare                      $7,250

Charitable contribution      $5,000

Union Dues                      $10,000

Unemployement Tax      $3,100

Net Pay                              $380,650

Therefore, The amount of net pay recorded by Hernandez is $380,650