The Organization and Nature of Certain Operations - Management Assignment Help

Assignment Task

Description of the organization and nature of certain operations. Le Mur du Son Ltd. sells high quality electronic sound equipment. The company sells through retail outlets as well as on credit to major clients.

1- The company gives credit terms of 2/10, n30, on the total amount including GST and QST.

2- The company has to determine the federal goods and services tax (GST) and the Quebec sales tax (QST). For example if Le Mur du Son Ltd. buys merchandise from a vendor for $100 and sells it for $200 the calculations would be as follows:

4- The contributions to Employment Insurance are as follows: Employee's share: According to the table in Appendix A. Employer's share: 1.4 times the employee's share. The employer must retain both the employer and employee contributions and remit the total to Revenue Canada no later than the fifteenth day of the month following the month in which the employees were paid.

5- The employees are obliged to contribute to the Quebec Pension Plan (Regimes des rentes du Quebec - RRQ). For calculation purposes a table is provided in Appendix A. The employer's contribution is equal to that of the employee.

6- The employer contributes 4.26 % of the total gross salaries to the Quebec Health Services Fund QHSF (In french the “fonds des service de sante”) . No amount is withheld from the employee.

7- The Federal and Provincial income tax deducted from the employee’s salary is calculated based on the gross salary using the income tax deduction tables provided

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