Payroll entries
The total payroll of Lyndon Inc. was $ 230,000. Income taxes withheld were $ 55,000. The EI rate is 1.66% for the employee and 1.4 times the employee premium for the employer. The CPP/QPP contributions are 4.95% for both the employee and employer.
Instructions (Round all values to the nearest dollar, if necessary)
a) Prepare the journal entry for the salaries and wages paid.
b) Prepare the entry to record the employer payroll taxes.

Question

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The Answer of Payroll entries
The total payroll of Lyndon Inc. was $ 230,000. Income taxes withheld were $ 55,000. The EI rate is 1.66% for the employee and 1.4 times the employee premium for the employer. The CPP/QPP contributions are 4.95% for both the employee and employer.
Instructions (Round all values to the nearest dollar, if necessary)
a) Prepare the journal entry for the salaries and wages paid.
b) Prepare the entry to record the employer payroll taxes.

Payroll Entries The Total Payroll of Lyndon Inc. Was $ 230,000. Income