Question
Hi, Can u please explain me how to determine the followings: Company has 2 employees on their payroll.Their personal information is as follows: Employee #1
Hi,
Can u please explain me how to determine the followings:
Company has 2 employees on their payroll.Their personal information is as follows:
Employee #1 Yvonne Forth, 40 years old
Annual Salary $80,000
Married with a 10-year-old son
Studied part-time at Humber College for 2 months, and paid tuition fees of $1,500.
Spouse, Emma has $65,000 income
Employee #2 Andrew Hoover, 45 years old
Annual Salary $70,000
Single
Studied full-time at University of Ottawa for 4 months, paid tuition fees of $4,500
Andrew's 75-year-old father lives with him.His father qualifies for disability tax credit and has no income.
Requireduse the 2019 Ontario Payroll Deduction
Assume:
- Both employees have been employed since January 1, 2019.
- Pay periodSemi-monthly (for example Jan. 2019 is paid on Jan.15, 2019 & Jan.31 2019).
Section A:
Determine the Federal and Provincial claim codes for income tax deduction purposes for each employee based on the above information.
Section B:
Calculate and prepare the following, for April 2019
1)Gross pay, CPP deduction, EI deduction, Federal Taxes, Ontario Taxes for EACH employee
2)Payroll Journals for the Company;
3)Payroll tax deductions (Company & employee) that will be payable to the CRA by May. 15, 2019
Journal Entry to record the payroll tax payment to CRA on May 15, 2019.
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