Payroll
The Small Company Next door As a book keeper for the "Small company next door LTD" your duties include doing the monthly payroll, The "Small company next door Ltd" employees 4 people. 4 of the employees are paid hourly and paid weekly The 4 employees are paid the following hourly wage, which is based on length of service S. Ryan S 15.00 per hour N. Lawless $ 13.50 per hour S. Evans $ 12.00 per hour A. Raj $ 10.25 per hour Overtime is time and a half and starts after t e 44 hours worked in a regular week The company has 4 pay periods a month. The company calculates what is owing to employees on the Friday of each week and then deposits the money into the employees accounts via direct debit on the following Monday. The company remits El and CPP collected on the 20th day of the month. CPP is calcuated a 4.95% with a annual excemption of El is calcuated at 1.88% CPP, Fed tax and Prov. Tax available in table below. The employer is required to contribute 100% of the CPP premium b) 140% of the El premuim Your task is to : a) calculate the net pay of each employee for the first 2 pay periods b) complete all required payroll transactions for the first 2 pay period of the new year. Week 1 3) Complete the following table for the first week ending Friday 5th of January, using the following information S. Ryan N. Lawless 34 So S. Evans 28 A. Raj 5. Ryan 35.60 $ 20 30 5 21 91 N. Lawless 4 40 S 31 55 $ 32 09 S Evans 11.15 $ 370 5 13 30 A Raj 33 35 $ 19 55 $ 21 28 Totals 144.5 75.1 88.58 ") complete the journal entry on the Friday Jan 5th to accrue the wages owing and extra benefits due for all employees c) complete the journal entry to reflect the payment of wages to employees bank accounts on Monday 8th of Jan. Date DR CR Week 2 a) Complete the following table for the 2nd week ending Friday 12th of January, using the following information Time S. Ryan 44 N. Lawless 36 S. Evans 32 A. Raj Employee Overtime Gross CP EI Not Pay S. Ryan 56 55 N. Lawless 27 35 $ 29 34 S 32 25 19 20 $ 20 73 S Evans 17 70 S A Raj 8 25 $ 15 68 20 30 $ 22 04 Totals 35 60 5 142.10 S 75.10 $ 87.78 b) complete the journal entry on the Friday Jan 12th to accrue the wages owing and extra benefits due for all employees c) complete the journal entry to reflect the payment of wages to employees bank accounts on Monday 15th of Jan. Remittance on the 20th a) create the appropriate journal entry to remitt all CPP and El collected, thus far, in the month of January. Date Description DR CR b) remitt all provincial taxes collected, thus far, in the month of January. Date Description DR CR
