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Question #5 - Payroll (14 marks) Northern Lights Photography pays their employees weekly. The manager did not know how to calculate Employment Insurance or
Question #5 - Payroll (14 marks) Northern Lights Photography pays their employees weekly. The manager did not know how to calculate Employment Insurance or Canada Pension Plan premiums but provided the table below. The company matches the health insurance premiums by a factor of 2.3 times. Employee Gross Pay Health Insurance Year-To-Date Earnings Income taxes Premiums 19.92 Rachel Thomson S 597.60 $ 10,383.30 $ 84.29 $ 29.88 Jason McLean ST $ 701.50 $ 11,868.00 $ 88.09 $ 19.92 Alex Johnson $ 763.60 $ 14,260.00 $ 117.94 $ Diane Krishnan 19.92 $ 1,649.00 $ 28,615.00 $ 395.66 $ Totals: 3,711.70 $ 65,126.30 $ 685.98 $ 89.64 CPP Rate: 5.70% El Rate: CPP Max earnings: 1.58% El Max earnings: SS $ 64,900 $ 60,300 CPP Exempt: $ 3,500 REQUIRED: Northern Lights Photography needs you to prepare the entire payroll for September 11, 2022, including the employer costs of El and CPP and pay for all employees. Provide the general journal entry for everything. (14 marks)
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