Sure Value Hardware has four employees who are paid on an hourly basis, plus time and a half for hours worked in excess of 40 hours a week. Payroll data for the week ended March 14, 2021, follow:

Instructions

a. Prepare a payroll register for the weekly payroll.

b. Record the payroll on March 14 and the accrual of employee benefi ts expense. Assume the company accrues 4% for vacation pay.

c. Record the payment of the payroll on March 14.

d. Record the payment of remittances to the Receiver General on April 15.

Does the owner of a proprietorship need to deduct CPP, EI, and income taxes on his or her drawings?

Transcribed Image Text:

United Way Employee I. Dahl F. Gualtieri Total Hours Hourly Rate CPP EI Income Tax 37.5 $17.00 $28.22 10.58 $80.50 $ 7.50 42.5 16.50 32.40 11.98 92.95 8,00 G. Ho A. Israeli 43.5 15.50 31.39 11.64 91.00 5.00 45.0 15.00 31.94 11.83 88.60 10.00