What would have been the total amount of cpp contributions


Problem: While reviewing notes from past meetings with a self-employed client in preparation for an upcoming meeting, you are reading a note form 2021 where CPP Benefits were discussed. Your notes indicate that your client was curious about the calculation that is used to arrive at CPP contributions. You see in your notes that the YMPE for 2020 was $58,700, and the contribution rate for 2020 was 5.25% The client's income for 2020 was $58,000. Upon further review of your notes, you realize that you didn't include the CPP contribution amount that your client would have contributed for 2020. What would have been the total amount of CPP contributions for your client in 2020?

 

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What would have been the total amount of cpp contributions
Reference No:- TGS03417409

Expected delivery within 24 Hours