Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assignment Tasks: Your business should be your name and you are in the dairy business. You have two employees: John Murphy: he is 40 years

Assignment Tasks:

Your business should be your name and you are in the dairy business. You have two employees:

  1. John Murphy: he is 40 years old and is married to a partner that has no income. He earns $3,600, semi-monthly. He is employed in the Province of Ontario.
  2. Jane Robinson: she is 28 years old and single. She earns a salary of $1,000, semi-monthly. Her expected commission income for 2019 is $70,000 and her 2018 expenses against her commission income was $22,455. She is also employed in the Province of Ontario.

Required:

  1. Prepare a TD1 for John and a TD1X for Jane. You can ignore the employees SIN # and addresses.
  2. Go to CRAs payroll calculator and calculate the net pay and all deductions for January 15, 2019.
  3. Based on their two annualized incomes, calculate the amount of WSIB that the company would be required to remit for the year.

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_2

Step: 3

blur-text-image_3

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: Carl S. Warren, James M. Reeve, Jonathan Duchac

13th edition

978-1285868806, 1285868803, 978-1305691254, 978-1305465640, 1305465644, 978-1285866307

More Books

Students also viewed these Accounting questions