Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started