Assignment 2: Payroll Sections Week 1 Week 2 Remittance TOTAL Marks Your score 52 52 14 118 Name: Instructor: Due Date:

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Assignment 2 Payroll Sections Week 1 Week 2 Remittance Total Marks Your Score 52 52 14 118 Name Instructor Due Date 1 (70.04 KiB) Viewed 20 times

Assignment 2: Payroll Sections Week 1 Week 2 Remittance TOTAL Marks Your score 52 52 14 118 Name: Instructor: Due Date: The Small Company Next door As a book keeper for the "Small company next door LTD" your duties include doing the monthly payroll. The "Small company next door Ltd" employees 4 people. 4 of the employees are paid hourly and paid weekly. The 4 employees are paid the following hourly wage, which is based on length of service Name wage S. Ryan $15.00 per hour $13.50 per hour N. Lawless 5. Evans A. Raj $12.00 per hour $ 10.25 per hour Overtime is time and a half and starts after the 44 hours worked in a regular week The company has 4 pay periods a month. The company calculates what is owing to employees on the Friday of each week and then deposits the money into the employees accounts via direct debit on the following Monday. The company remits El and CPP collected on the 20th day of the month. Year $ 3,500.00 2020 CPP is calcuated at El is calcuated at 5.25% with a annual excemption of 1.58% 2020 The employer is required to contribute a) b) Or you may use the Tables in AME 100% of the CPP premium 140% of the El premuim
In order to determine the federal and provincial income, your company uses current 2020 Tax tables provided by the Canadian reveune agency, or the Payroll Online Calculator (POC). See link below Your task is to :- a) Calculate the net pay of each employee for the first 2 pay periods b) Complete all required payroll transactions for the first 2 pay period of the new year. to get the tax tables for income tax/cpp/ei https://www.canada.ca/en/revenue-agency ... eductions- tables.html Tables https://www.canada.ca/en/revenue-agency ... ns-online- calculator-pdoc-payroll-tables-td1s.html PDOC All employees have filed for Claim code CC 1 Be sure to calculate regular time and overtime values separately and then add the results together for gross pay for each employee and if using the PR tables, ranges of pay are listed in such a way that the ending number for one range and the beginning number for the next range may be the same, say 2009. This means the first range actually ends at 2008.99, so it would be for less than 2009. Week 1 a) Complete the following table for the first week ending Friday 5th of January, using the following information Time summary sheet for week ending 5th January Name Hours worked S. Ryan 34 N. Lawless 50 S. Evans 28 A. Raj 47 Round wages to nearest whole $ Employee Total Hours Regular worked Overtime Gross pay Federal Provincial Income Tax income tax CPP El Net Pay hours. S. Ryan N. Lawless S. Evans A. Raj Totals b) Complete the joumal entry on the Friday Jan 5th to accrue the wages owing and extra benefits due for all employees. Date Description DR CR

c) Complete the journal entry to reflect the payment of wages to employees bank accounts on Monday 8th of Jan. Date Description DR CR Week 2 a) Complete the following table for the 2nd week ending Friday 12th of January, using the following information. Time summary sheet for week ending 12th January Name Hours worked 44 36 32 48 Federal Provincial Income Tax income tax CPP El S. Ryan N. Lawless S. Evans A. Raj Round wages to nearest whole $ Employee S. Ryan N. Lawless S. Evans A. Raj Totals Total Hours Regular worked hours Overtime Gross pay Net Pay
b) Complete the joumal entry on the Friday Jan 12th to accrue the wages owing and extra benefits due for all employees. Date Description DR CR c) Complete the journal entry to reflect the payment of wages to employees bank accounts on Monday 15th of Jan. Date Description: DR CR
Remittance on the 20th a) Create the appropriate journal entry to remitt all CPP and I collected, thus far, in the month of January. Date Description DR CR b) Remit all federal taxes collected, thus far, in the month of January. Date Description DR CR b) Remit all provincial taxes collected, thus far, in the month of January. Date Description CR DR