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M
minak-metrized-c
February 17, 2023
Question

How can I verify the quickbook values such as EI and CPP rates?

  • February 17, 2023
  • 1 reply
  • 4 views

I want to know how Quickbooks payroll calculates the rate of CPP and EI to make sure the numbers are correct. 

1 reply

A
Alex M
Level 5
February 17, 2023

Hi there minak-metrized-c,

 

It's vital your employees get paid the right amount for the hours they've worked. QuickBooks Online Payroll is a great tool able to calculate the deductions and contributions on the payroll run for your company. I can provide some information about deductions.

 

The default deductions mentioned above, the Cpp and the EI, are calculated based on Federal and Provincial norms set out by the respective governments. There are other factors that are considered, such as age, amount of pay on the pay cheque in question, as well as yearly totals for the deduction compared to yearly maximums. if you'd like to view the paycheques you've run, you can go to the Payroll tab, then the Employees section to click on the Paycheque list. You can also go to the Reports tab, then Payroll details reports, and that shows the paycheques, as well as all deductions and contributions.

 

If you have any other questions, feel free to reach out here.

1
1Expert
April 22, 2024

The amounts set up in quick book for EI are incorrect.  How do I verify what the correct amount should be?

 

M
MJ_RQuickBooks Team
QuickBooks Team
April 22, 2024

Hi 1Expert,

 

Thanks for joining us in the Community! I'll be happy to help you verify the amounts for EI and CPP in QuickBooks. QuickBooks Payroll calculates the Canada Pension Plan (CPP) contributions based on the guidelines provided by the Canada Revenue Agency (CRA).

 

Here is a direct link to all of the information on the CRA website: Calculate payroll deductions and contributions.

Learn how QuickBooks calculates EI in our: Employment Insurance (EI) overview.

See EI premium rates and maximums on the CRA's website to view both federal and Québec EI tax rates.

 

I hope this helps! If you have any other questions, feel free to reach out.

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