Assuming a tax rate of 25%, complete the payroll register below: Rate Minimum Maximum CPP 5.25%...
Assuming a tax rate of 25%, complete the payroll register below:
|
Rate |
Minimum |
Maximum |
|
|
CPP |
5.25% |
$3,500 |
$58,700 |
|
EI |
1.58% |
$0 |
$54,200 |
|
Employee |
Gross Pay |
CPP |
EI Premium |
Income Tax |
Medical Ins. |
United Way |
Total Deductions |
Net Pay |
|
Cristo |
2,900 |
75.00 |
50.00 |
|||||
|
Alonzo |
2,400 |
75.00 |
100.00 |
|||||
|
Mortel |
3,000 |
75.00 |
0.00 |
|||||
|
Peter |
2,500 |
75.00 |
60.00 |
|||||
|
Totals |
Prepare the journal entries to record: (a) employee payroll; and (b) employer payroll costs
Homework Answers
| Employee | Gross Pay | CPP | EI Premium | Income Tax | Medical Ins. | United Way | Total Deductions | Net Pay |
| Cristo | 2,900 | 0 | 45.82 | 725 | 75 | 50 | 895.82 | 2,004 |
| Alonzo | 2,400 | 0 | 37.92 | 600 | 75 | 100 | 812.92 | 1,587 |
| Mortel | 3,000 | 0 | 47.4 | 750 | 75 | 0 | 872.4 | 2,128 |
| Peter | 2,500 | 0 | 39.5 | 625 | 75 | 60 | 799.5 | 1,701 |
| Totals | 10,800 | 0 | 171 | 2,700 | 300 | 210 | 3,381 | 7,419 |
| Prepare the journal entries to record: (a) employee payroll; and (b) employer payroll costs | ||||||||
| Date | Accounts and Explanation | Debit | Credit | |||||
| a) | Salary Expense | 10,800 | ||||||
| Employee Federal Income Tax Payable | 2,700 | |||||||
| CPP Payable | 0 | |||||||
| EI Payable | 171 | |||||||
| United Giving Contribution Payable | 210 | |||||||
| Medical insurance Payable | 300 | |||||||
| Salary Payable to Employees | 7,419 | |||||||
| b) | Payroll Tax Expense | 683 | ||||||
| CPP Payable | 0 | |||||||
| EI Payable (1.4 x 171) | 682.56 |
Add Answer to:
Assuming a tax rate of 25%, complete the payroll register
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United States federal law that imposes a federal employer tax used
to help fund state workforce agencies. Employers report this tax by
filing an annual Form 940 with the Internal Revenue Service.
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Net FUTA tax: Since this is the first pay period of the year,
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United States federal law that imposes a federal employer tax used
to help fund state workforce agencies. Employers report this tax by
filing an annual Form 940 with the Internal Revenue Service.
Complete the following steps:
Net FUTA tax: Since this is the first pay period of the year,
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1.
compute and record the employee’s SUTA contributions (employees pay
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2. Net FUTA tax : since this is the first pay period of tje
uear none of the employees are near the $7000 ceiling; therefore
each employess gress earnings us subject to the FUTA tax (the
employer rate is 0.6%).
3. SUTA tax: Since Kipley Company is new employer, Pennsylvia
has assigned the company contribution rate 3.689% on the first
$10,000 of each employee’s earnings....
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