Greenwell Ltd. located in Alberta has a workers' compensation premium rate of $4.55 per $100.00of assessable payroll. The actual assessable payroll for the previous year consisted of: regular salaries and wages of $678,750.00, overtime pay of $12,700.00, work related bonuses of $52,000.00, vacation pay of $85,250.00 and taxable benefits of $11,300.00. Estimate the organization's assessment for this year

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A:

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.