can someone help me for journal entries for payroll
The Small Company Next door As a book keeper for the "Small company next door LTDII your duties include doing the monthly payroll. The "Small company next door Ltd" employees 4 people. 4 of the employees are paid hourly and paid weekly. The 4 employees are paid the following hourly wage, which is based on length of service Overtime is time and a half and starts after the 44 hours worked in a regular week The company has 4 pay periods a month. The company calculates what is owing to employees on the Friday of each week and then deposits the money into the employees accounts via direct debit on the following Monday. The company remits El and CPP collected on the 20th clay of the month. Year CPP is calcuated at 5.25% with 3 annual excemption of $3,500.00 2020 El is calcuated at 1.58% 2020 Or you may use the Tables in AME The employer is required to contribute a) 100% of the CPP premium b) 140% of the El premuim In order to determine the federal and provincial income, your company uses current 2020 Tax tables provided by the Canadian reveune agency, or the Payroll Online Calculator (FOG). See link below Your task is to :- a) calculate the net pay of each employee for the first 2 pay periods b) complete all required payroll transactions for the first 2 pay period of the new year. to get the tax tables for income tax/cpp/ei tables deductionsztableshtml POC ' - - - - - All employees have ledfor Claim code CC 1 Be sure to calculate regular time and overtime values separately and then add the results together for gross pay for each employee and if using the PR tables, ranges of pay are listed in such a way that the ending number for one range and the beginning number for the next range may be the same, say 2009. This means the rst range actually ends at 2008.99, so it would be for less than 2009