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3. A company's gross salary amounts to $10,000 for the week ended July 11. Amounts deducted from the employees' salaries are CPP of $495,
3. A company's gross salary amounts to $10,000 for the week ended July 11. Amounts deducted from the employees' salaries are CPP of $495, EI of $188, and employee income tax of $3,465. The employer' s portion of CPP is $495 and of EI, $263. Record the weekly payroll on July 11, assuming cash is paid to the employees but the payroll deductions have yet to be remitted. On July 18, the company remits payment for all payroll deductions from the weekly payroll of July 11.
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