1. Complete the entire pay cycle process by calculating gross to net pay, employer premium amounts and complete required accounting entries.

1. Sandra works in British Columbia and is paid on a semi-monthly basis. She has a claim code of 1 on both her TD1 and TD1BC. She has the following types of earnings, benefits & deductions. She will not max out on CPP or EI this pay and will have full deductions. Please use 2022 rates for your calculations and show not only the deduction value but also the pensionable, insurable and taxable amounts on which they were based. Use the PDOC to determine the federal and provincial taxes.

1. Regular $3200
2. Holiday Pay $250
3. Group Life Employer paid Taxable benefit $15
4. RRSP contribution Employee deduction $200

Her employer matches her EI at a non-reduced rate (1.4) and additionally pays employer health tax at a rate of 1.95%. The pay ending is July 31^st and all amounts will be paid to third parties for the month. The monthly amounts will be exactly double for month end reporting purposes (journal entry 4789).

Calculate gross to net, employer premiums show all calculations first and then record all applicable accounting entries in the tables below (Note just completing the journal entries will result in a maximum score of 8):

Journal Entry #4786

Date: July 31, 2022

Account NameAccount No. DebitCredit Regular Pay 30000-601 Holiday Pay30000-602 CPP Contributions Payable 20000-203 EI Premiums Payable20000-205 Federal Income Tax Payable20000-206 Provincial Income Tax Payable 20000-206 RRSP Payable 20000-210 Payroll Clearing (Net Pay) 20000-218 Total To record wages expense for pay period July 31, 2022.

Journal Entry #4787

Date: July 31, 2022

Account NameAccount No. DebitCredit Payroll Clearing (Net Pay) 20000-218 Payroll Cash10000-100 Total To record payment to employees for pay period ending July 31, 2022

Journal Entry #4788

Date: July 31, 2022

Account NameAccount No. DebitCredit CPP Employer30000-610 EI Employer30000-611 Group Life30000-301 British Columbia EHT30000-450 CPP Contributions Payable 20000-203 EI Premiums Payable20000-205 Group Life Payable20000-223 EHT Accrual20000-225 Total To record employers portion of CPP Contributions, EI Premiums, EHT and Group Life Expenses for pay period ending July 31, 2022

Journal Entry #4789

Date: July 31, 2022

Account NameAccount No. DebitCredit CPP Contributions Payable 20000-203 EI Premiums Payable20000-205 Federal Income Tax Payable20000-206 Provincial Income Tax Payable 20000-206 Group Life Payable20000-223 EHT Accrual20000-225 RRSP Payable 20000-210 Payroll Cash10000-100 Total To record remitting to third parties for the month ending Date: July 31, 2022