Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[20 points) The following information as to earnings and deductions for the two-week pay period ended June 12, was taken from XYZ Corporation's payroll records

image text in transcribed
[20 points) The following information as to earnings and deductions for the two-week pay period ended June 12, was taken from XYZ Corporation's payroll records a) Fill in the table below assuming that, El is calculated at 1.88%, income tax at 22%, and CPP at 4.95% of annual earnings greater than $3,500 and less than $50,100. Please make sure your final answer(s) are accurate to 2 decimal places. Employeo Gross pay Income taxes Medical insurance CPP El premium Total deductions Not pay Jan Taylor 800 Hector Mendez 950 209 19.95 Carlos Young 900 18.90 2,650 583 55.65 176 16.80 198 Total b) Prepare a journal entry to record the payroll assuming all employees work in the office. Enter an appropriate description, and enter the date in the format dd/mmm (.e., 15/Jan). General Journal Date Account Explanation Credit Page 1 F Debit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray Garrison, Eric Noreen, Peter Brewer

11th Edition

0072834943, 9780072834949

More Books

Students also viewed these Accounting questions

Question

Describe the concept of diversity and diversity management.

Answered: 1 week ago

Question

How does the EEOC define sexual harassment?

Answered: 1 week ago