Self-Employed with Employees
To get “perfect” I require the correct calculations
and the Correct employee Paycheque amounts.
Calculate Employee Bi-Weekly Paycheque amounts (5 employees).
Note: Emp#1 $19hr (44hrs per week)
Emp#2 $24hr (42hrs per week)
Emp#3 $31hr (40hrs per week)
Emp#4 $33hr (37hrs per week)
Emp#5 $41hr (30 hrs per week).
Please help me. Please follow the example below. Thank you.
Getting to the correct Paycheque amount……
Bi-weekly (means employees are paid every two weeks)
Vacation Pay (4% minimum)
Employee Paycheque amount: ????
EXAMPLE Paid $500 week (Bi-Weekly)
$1000 + 4% Vacation Pay = $1040
Minus CPP (5.95%) = $61.88 Minus EI (1.63%) = $16.95 Minus
Federal Tax ($137.10) Minus Ontario Tax ($60.70)
Equals a paycheque amount of $763.37
It’s that simple.Pay only when you are satisfied.
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