Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Naquin's DJ Services has three employees who work on an hourly basis and are paid weekly. The current CPP rate is 5.70%, the current

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Naquin's DJ Services has three employees who work on an hourly basis and are paid weekly. The current CPP rate is 5.70%, the current El rate is 1.58%, and the appropriate income tax rate is 21%. Each employee contributes a portion of his or her pay to the United Way. Payroll information for the week ending November 20, 2022, is listed below. (No employee has reached the maximum for CPP and El deductions.) View the payroll information. Read the requirements. Payroll information Employee Total Hours B. Quan 40 V. Swanson 47 A. Nobel 37 S Hourly Rate 16.00 $ United Way 14.00 24.50 13.00 20.25 12.00 Required a. Calculate gross and net pay for each employee (employees are paid overtime rate of 1.5 after working 40 hours), and complete the payroll register. Remember to properly account for the $3,500 exemption. b. Prepare a journal entry to record this payroll. Requirement a. Calculate gross and net pay for each employee (employees are paid overtime rate of 1.5 after working 40 hours), and complete the payroll register. Remember to properly account for the $3,500 exemption. (Complete all input fields. For accounts with a $0 balance, make sure to enter "0" in the appropriate input field. Round your answers to the nearest cent.) Earnings Deductions Hourly Hours Rate Worked Regular Overtime Gross Income Tax United CPP Way Net Pay B. Quan V. Swanson A. Nobel Totals Requirement b. Prepare a journal entry to record this payroll. (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to the nearest cent.) Date November 20 Account Titles Debit Credit

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

14th Edition

978-0132960649, 132960648, 132109174, 978-0132109178

More Books

Students also viewed these Accounting questions