Kindly solve the following question and shows calculations

Assignment 5 - Pay Cycle Process

This assignment relates to the following Course Learning Requirements:

CLR 1: Maintain payroll records for organizations

CLR 2: Describe Canadian federal and provincial labour and employment standards as they apply to employers.

CLR 3: Calculate pay for various types of employees

CLR 4: Record the payroll transaction in the accounting system.

CLR 6: Summarize transaction information in order to complete remittance documents for HST, GST and QST amounts

owing.

Objective of this Assignment:

To assess the learner's knowledge of the entire pay cycle process and what is involved.

Pre-Assignment Instructions:

Read Chapters 3, 4, 5, 6, 7, 8 & 10 of the text

Review modules 3-10 & 13

Completion of learning activities from modules 3-10 & 13

Assignment Tasks:

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

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 2021 rates for your calculations and show not only the deduction value but also the pensionable, insurable and taxable amounts on which they were based.

Regular $3200

Holiday Pay $250

Group Life - Employer paid Taxable benefit $15

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 and record all applicable accounting entries in the tables below:

Journal Entry #4786 Date: July 31, 2021
Account Name	Account No.	Debit	Credit
Regular Pay	30000-601
Holiday Pay	30000-602
CPP Contributions Payable	20000-203
EI Premiums Payable	20000-205
Federal Income Tax Payable	20000-206
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, 2021.

Journal Entry #4787 Date: July 31, 2021
Account Name	Account No.	Debit	Credit
Payroll Clearing (Net Pay)	20000-218
Payroll Cash	10000-100
Total
To record payment to employees for pay period ending July 31, 2021

Journal Entry #4788 Date: July 31, 2021
Account Name	Account No.	Debit	Credit
CPP Employer	30000-610
EI Employer	30000-611
Group Life	30000-301
British Columbia - EHT	30000-450
CPP Contributions Payable	20000-203
EI Premiums Payable	20000-205
Group Life Payable	20000-223
EHT Accrual	20000-225
Total
To record employer's portion of CPP Contributions, EI Premiums, EHT and Group Life Expenses for pay period ending July 31, 2021

Journal Entry #4789 Date: July 31, 2021
Account Name	Account No.	Debit	Credit
CPP Contributions Payable	20000-203
EI Premiums Payable	20000-205
Federal Income Tax Payable	20000-206
Provincial Income Tax Payable	20000-206
Group Life Payable	20000-223
EHT Accrual	20000-225
RRSP Payable	20000-210
Payroll Cash	10000-100
Total
To record remitting to third parties for the month ending Date: July 31, 2021

Book: (Dryden (CDN), Introduction to Payroll Administration, 5e Alan Dryden, 5ee)