Payroll entries The total payroll of Lyndon Inc.was $230,000.Income taxes withheld were $55,000.The EI rate is 1.83% 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 wages and salaries paid.
b.Prepare the entry to record the employer payroll taxes.
Non-Financial and Current Liabilities 13- 29

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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 1.83% 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 wages and salaries paid.
b.Prepare the entry to record the employer payroll taxes.
Non-Financial and Current Liabilities 13- 29

Payroll Entries the Total Payroll of Lyndon Inc