Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

  1. Both employees have been employed since January 1, 2019.
  2. 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Carl Warren

14th Edition

1337516147, 978-1337270595

More Books

Students also viewed these Accounting questions

Question

Write in logarithmic form. 36 1/2 = 6

Answered: 1 week ago