Grady Company's hourly employees earned $55,600 in the pay period ending March 31.Assume further that federal and provincial income taxes withheld are $9,452 and $2,224,respectively.In addition,Canada Pension Plan (CPP)and Workers Safety Insurance Board (WSIB)are applicable at rates of 6.2% and 1.45%,respectively,and federal and provincial employment taxes are applicable at rates of 4.5% and 3%,respectively.All wages are subject to these taxes.
A) Prepare the journal entry related to the $ \$ 55,600 $ gross pay earned by the company's employees. Round all amounts to the nearest dollar, if necessary.

Question

Grady Company's hourly employees earned $55,600 in the pay period ending March 31.Assume further that federal and provincial income taxes withheld are $9,452 and $2,224,respectively.In addition,Canada Pension Plan (CPP)and Workers Safety Insurance Board (WSIB)are applicable at rates of 6.2% and 1.45%,respectively,and federal and provincial employment taxes are applicable at rates of 4.5% and 3%,respectively.All wages are subject to these taxes.
 A) Prepare the journal entry related to the $ \$ 55,600 $ gross pay earned by the company's employees. Round all amounts to the nearest dollar, if necessary.

Quizplus · Accepted Answer

The Answer of Grady Company's hourly employees earned $55,600 in the pay period ending March 31.Assume further that federal and provincial income taxes withheld are $9,452 and $2,224,respectively.In addition,Canada Pension Plan (CPP)and Workers Safety Insurance Board (WSIB)are applicable at rates of 6.2% and 1.45%,respectively,and federal and provincial employment taxes are applicable at rates of 4.5% and 3%,respectively.All wages are subject to these taxes.
 A) Prepare the journal entry related to the $ \$ 55,600 $ gross pay earned by the company's employees. Round all amounts to the nearest dollar, if necessary.

Grady Company's Hourly Employees Earned $55,600 in the Pay Period $55,600 \$ 55,600 $55,600

Grady Company's Hourly Employees Earned $55,600 in the Pay Period $\$ 55,600$