Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $520,000. The following amounts have been withheld: Income taxes Canada Pension Plan contributions Employment Insurance contributions Pension plan contributions Charitable contributions Union dues Required: $66,000 32,240 5,000 7,540 1% of gross pay 2% of gross pay 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll (employer pays additional 100% of employees' CPP and 140% of employees' EI).