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A. Alpha company pays its employees monthly. For February 2023, Alpha Co.'s employees had total gross pay of $513,333. Personal income tax was deducted at
A. Alpha company pays its employees monthly. For February 2023, Alpha Co.'s employees had total gross pay of $513,333. Personal income tax was deducted at 23% of total gross pay. In 2023, CPP contributions are 5.95% for both Alpha and its employees. The 2023 El contribution rate for employees is 1.63% and Alpha must contribute 1.4 times the employee amount for its share as the employer. 100% of employees' February earnings ar subject to both CPP and El Employees' contributions to Alpha's group RRSP plan totaling $20,533 were deducted in February. Alpha contributes an additional 50% of the amount contributed by employees to the group RRSP plan. Alpha paid the employees their net pays on Tuesday, February 28th. Alpha pays its employees on the last day of work each Month. Any other remittances will be made in March. Required: Prepare the journal entry(ies) on Feb 28 for Alpha to record the February payroll
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