Company had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of $ 11,880. Union dues of $ 1,125 and Health insurance premiums of $ 2,850 were also withheld.
Instructions
a) Prepare the journal entries to record the employee wages/salaries and payroll deductions
b) Prepare the journal entries to record the employer payroll contributions
c) Prepare the journal entries to record the remittance to the Receiver General

Question

Quizplus · Accepted Answer

The Answer of Company had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of $ 11,880. Union dues of $ 1,125 and Health insurance premiums of $ 2,850 were also withheld.
Instructions
a) Prepare the journal entries to record the employee wages/salaries and payroll deductions
b) Prepare the journal entries to record the employer payroll contributions
c) Prepare the journal entries to record the remittance to the Receiver General

Company Had a Total Bi-Weekly Payroll of $ 90,000