Question
Boxcom Company had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of
Boxcom Company had a total bi-weekly payroll of $ 90,000. The entire payroll was subject to CPP (4.95%), EI (1.66%), and income tax withholdings of $ 11,880. Union dues of $ 1,125 and Health insurance premiums of $ 2,850 were also withheld. Boxcom will match employee CPP and 1.4 times employees EI
Instructions
- Prepare the journal entries to record the employee wages/salaries and payroll deductions
- Prepare the journal entries to record the employer payroll contributions
- Prepare the journal entries to record the remittance to the Receiver General (Canada Revenue Agency)
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Brian Zwicker
11th Canadian Edition
132564440, 978-0132564441
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