Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How did we get the income taxes? D&D Stockyards' four employees are paid monthly. Each employee donates 5% of gross pay to United Way through

How did we get the income taxes?

image text in transcribed
D&D Stockyards' four employees are paid monthly. Each employee donates 5% of gross pay to United Way through payroll deductions. Crimson and Peterson purchase Canada Savings Bonds through monthly payroll deductions of $150 and $200, respectively. Required: Use Payroll liabilities1, Payroll liabilities2, and Payroll liabilities3 complete the payroll register below for the monthly pay period ended February 29, 2018, assuming the following TD1 claim codes for each employee: Crimson (2), Long (1), Morris (1), and Peterson (3). (Do not round intermediate values. Round the final answers to 2 decimal places.) Click here to view the CPP Tables for 2018. Click here to view the El Tables for 2018. Deductions Pay Distribution Canada Income Total Net Pay Office Sales Employee Gross Pay El Premium Saving CPP Taxes United Way Deductions Salaries Salaries Bonds $ +/-0.1 Crimson, L. $ 1,995.00 $ 33. 12+/-0.1 $ 152.50 $ 150.00 $84.32+/-0.1 $ 99.75 519.69 $ 1,475.31 $ 1,995.00 Long, M. 2,040.00 33.86+/-0.1 185.95 86.54+/-0.1 102.00 408.35+/-0.1 1,631.65 2,040.00 Morris, P. 2,000.00 33.20+/-0.1 177.40 84.56+/-0.1 100.00 395.16+/-0.1 1,604.84 2,000.00 Peterson, B. 2,280.00 37.85+/-0.1 172.25 200.00 98.42+/-0.1 114.00 622.52+/-0.1 1,657.48 2,280.00 8,315.00 $ +/-0.1 $ $ +/-0.1 Totals 688.10 350.00 +/-0.1 F $ 138.03 F $ $ F 353.84 F $ 415.75 F 1,945.72 F $ 6,369.28 $ 1,995.00 $ 6,320.00

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

Financial & Managerial Accounting

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

15th Edition

0073526991, 9780073526997

More Books

Students also viewed these Accounting questions

Question

Be sensitive to and adapt to the diversity of your audience.

Answered: 1 week ago

Question

=+What is the VIF for Age?

Answered: 1 week ago