1.What are allowances? Explain one with example when it is considered as taxable.

2.a )What are benefits? Name a few benefits.

b ) Explain with example when benefits are taxable or non taxable

3.What is GST Payable and GST Recoverable accounts? Explain with example

Practical Questions-

1.a ) The employees of The Fashion Factory completed the number of pieces indicated during the workweek ending June 30:

P.Cardin

1,050

J. Woolly

1,040

T. Bloomer

1,030

R. Napp

1,020

b)Calculate the gross pay for each employee using the following plan-

First 500 pieces

$0.50 each

Next 300 pieces

$ 0.60 each

Next 200 pieces

$ 0.70 each

Over 1,000 pieces

$0.90 each

c)Calculate CPP ,EIand income tax(Federal ) for each employee. For CPP and EI deduction consider 2021 rate and 15% for tax deduction

d)Record the compound General Journal entry for this payroll on June 30