Homework Help is Here – Start Your Trial Now!
Business
Accounting
The ABC Corporation has three employees who each earn $2,000 each per month. Calculate the payroll using the following rates: (Note: These rates may not be the rates you have worked with during the class, but are the rates that you will use for this exam.) El rate: CPP rate: Annual CPP exemption: Income Tax: Provincial combined): 1.73% 4.95% $3,500 25% (Federal and None of the employees have reached the maximum amount for El or CPP deductions this year. Using the Excel working papers for Part F: Payroll: Prepare the journal entry to record the March 1. 30 payroll. 2. Prepare a second journal entry to record the additional employer payroll expenses for the March 30 payroll. (It is not necessary to record Vacation Pay

The ABC Corporation has three employees who each earn $2,000 each per month. Calculate the payroll using the following rates: (Note: These rates may not be the rates you have worked with during the class, but are the rates that you will use for this exam.) El rate: CPP rate: Annual CPP exemption: Income Tax: Provincial combined): 1.73% 4.95% $3,500 25% (Federal and None of the employees have reached the maximum amount for El or CPP deductions this year. Using the Excel working papers for Part F: Payroll: Prepare the journal entry to record the March 1. 30 payroll. 2. Prepare a second journal entry to record the additional employer payroll expenses for the March 30 payroll. (It is not necessary to record Vacation Pay

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PB
See similar textbooks
icon
Related questions
Question
The ABC Corporation has three employees who each earn $2,000 each per month. Calculate the payroll using the following rates: (Note: These rates may not be the rates you have worked with during the class, but are the rates that you will use for this exam.) El rate: CPP rate: Annual CPP exemption: Income Tax: Provincial combined): 1.73% 4.95% $3,500 25% (Federal and None of the employees have reached the maximum amount for El or CPP deductions this year. Using the Excel working papers for Part F: Payroll: Prepare the journal entry to record the March 1. 30 payroll. 2. Prepare a second journal entry to record the additional employer payroll expenses for the March 30 payroll. (It is not necessary to record Vacation Pay payable)
Transcribed Image Text:The ABC Corporation has three employees who each earn $2,000 each per month. Calculate the payroll using the following rates: (Note: These rates may not be the rates you have worked with during the class, but are the rates that you will use for this exam.) El rate: CPP rate: Annual CPP exemption: Income Tax: Provincial combined): 1.73% 4.95% $3,500 25% (Federal and None of the employees have reached the maximum amount for El or CPP deductions this year. Using the Excel working papers for Part F: Payroll: Prepare the journal entry to record the March 1. 30 payroll. 2. Prepare a second journal entry to record the additional employer payroll expenses for the March 30 payroll. (It is not necessary to record Vacation Pay payable)
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Federal Insurance Contributions Act (FICA)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
SEE MORE TEXTBOOKS