Willow Corp.'s payroll for the period ended October 31, 2017 is summarized as follows: Assume the following payroll tax rates:
CPP/QPP for employer and employee 4.95% each
Employment Insurance 1.83% for employee
1.4 times employee premium for employer
To the nearest dollar, what amount should Willow accrue as its share of payroll taxes in its October 31, 2017 statement of financial position?

Question

Willow Corp.'s payroll for the period ended October 31, 2017 is summarized as follows:  Assume the following payroll tax rates:
CPP/QPP for employer and employee 4.95% each
Employment Insurance 1.83% for employee
1.4 times employee premium for employer
To the nearest dollar, what amount should Willow accrue as its share of payroll taxes in its October 31, 2017 statement of financial position?

Quizplus · Accepted Answer

The Answer of Willow Corp.'s payroll for the period ended October 31, 2017 is summarized as follows:  Assume the following payroll tax rates:
CPP/QPP for employer and employee 4.95% each
Employment Insurance 1.83% for employee
1.4 times employee premium for employer
To the nearest dollar, what amount should Willow accrue as its share of payroll taxes in its October 31, 2017 statement of financial position?