Harold Munster earned $2,400 in wages and $650 in sales commissions for the month of November. Harold's
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Question:
Harold Munster earned $2,400 in wages and $650 in sales commissions for the month of November. Harold's payroll deductions include income tax of 15 percent, Canada Pension of 4.95 percent on earnings and Employment Insurance of 1.83 percent on earnings.
Prepare the journal entries to record the payroll and the payroll taxes imposed on Harold Munster. Explanations are not required and ignore the annual exemption for the CPP calculation.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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