Megan is a proprietor and owns a hair salon. Determine the total Canada Pension Plan (CPP) and Employment Insurance (EI) premiums Megan must pay through her self-employment using the given CPP and EI information below. Megan had net earnings of $75,000 during the year (note that Megan has not registered with Canada Employment Insurance Commission and is accordingly not eligible to access any of the 5 types of EI special benefits).

CPP:
YMPE is $57,400 YBE is $3,500 and contribution rate is 5.1% for each employee
and employer.

EI: Maximum Insurable Earnings for EI is $53,100
and the rate is 1.62% for employees.

Question

Megan is a proprietor and owns a hair salon.  Determine the total Canada Pension Plan (CPP) and Employment Insurance (EI) premiums Megan must pay through her self-employment using the given CPP and EI information below.  Megan had net earnings of $75,000 during the year (note that Megan has not registered with Canada Employment Insurance Commission and is accordingly not eligible to access any of the 5 types of EI special benefits). 
 
 CPP:
YMPE is $57,400 YBE is $3,500 and contribution rate is 5.1% for each employee
and employer.

EI:  Maximum Insurable Earnings for EI is $53,100
and the rate is 1.62% for employees.

Answer

$5,497.80 and $0 respectively

Answer

$2,927.40 and $860.22, respectively

Answer

$2,748.90 and $0, respectively

Answer

$3,645.50 and $860.22, respectively

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Megan is a proprietor and owns a hair salon. Determine the total Canada Pension...

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