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Macier Company completed the salary and wage payroll for March 2017. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld
Macier Company completed the salary and wage payroll for March 2017. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld Canada Pension Plan Employment Insurance $ 229,000 50,100 2,450 740 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labour cost for the company. TIP: Employer CPP equals employee CPP. Employer El equals 1.4 times employee El. Total labour cost 2. Prepare the journal entry to record the payroll for March, including employee deductions but excluding employer payroll taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the payroll for march including employee deductions but excluding employer payroll taxes. Note: Enter debits before credits. Date General Journal Debit Credit March 31, 2017 3. Prepare the journal entry to record the employer's CPP and El contributions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record employer payroll taxes on march payroll. Note: Enter debits before credits. General Journal Debit Credit Date March 31, 2017 Record entry Clear entry View general journal
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