Payroll Taxes Hernandez Builders has a gross payroll for January amounting to ( $ 500,000 ) The following amounts have been withheld section Required 1 What is the amount of net pay recorded by Hernandez 2 Prepare the journal entries to record the payroll (employer pays additional (100 ) of employe...

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Payroll Taxes Hernandez Builders has a gross payroll for January amounting to ($ 500,000). The following amounts

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Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $\$ 500,000$. The following amounts have been withheld:

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\section*{Required:}
1. What is the amount of net pay recorded by Hernandez?
2. Prepare the journal entries to record the payroll (employer pays additional $100 \%$ of employees' CPP and $140 \%$ of employees' EI).
\section*{Cornerstone Exercise

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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Question Posted: Jun 10, 2024 01:02 AM

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Payroll Taxes Hernandez Builders has a gross payroll for January amounting to ($ 500,000). The following amounts

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Income taxes Canada Pension Plan contributions Employment Insurance contributions Pension plan contributions Charitable contributions Union ducs $63,000 31,000 5,000 7.250 1% of gross pay 2% of gross pay

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Cornerstones Of Financial Accounting

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