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Rippling Waters rents canoes and other water crafts to campers and hikers. On May 15, 2011, Rippling Waters prepared their semi-monthly payroll for their employees.

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Rippling Waters rents canoes and other water crafts to campers and hikers. On May 15, 2011, Rippling Waters prepared their semi-monthly payroll for their employees. The current CPP rate is 4.95%, the current El rate is 1.78%, and the appropriate income tax rate is 20%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% towards the pension plan and 140% towards employment insurance. Payroll information for May 15, 2011 is listed below: Employee Total Hourly Health Hours Rate Care M. Swift 87.5 $14.50 $18.00 S. Current 85.5 15.00 20.00 B. Wavey 73.5 13.50 14.00 a) Calculate gross and net pay for each employee: b) Calculate the employer contributions: c) Prepare the payroll journal entries for May 15, 2011 to record the salaries payable to the employees and accrue the employer contributions: d) Prepare the entry to pay the employees on May 17, 2011: e) Prepare the entry to pay the liability to the health insurance company on May 31, 2011: f) Prepare the entry to pay the liabilities to the government on June 15, 2011: Rippling Waters rents canoes and other water crafts to campers and hikers. On May 15, 2011, Rippling Waters prepared their semi-monthly payroll for their employees. The current CPP rate is 4.95%, the current El rate is 1.78%, and the appropriate income tax rate is 20%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% towards the pension plan and 140% towards employment insurance. Payroll information for May 15, 2011 is listed below: Employee Total Hourly Health Hours Rate Care M. Swift 87.5 $14.50 $18.00 S. Current 85.5 15.00 20.00 B. Wavey 73.5 13.50 14.00 a) Calculate gross and net pay for each employee: b) Calculate the employer contributions: c) Prepare the payroll journal entries for May 15, 2011 to record the salaries payable to the employees and accrue the employer contributions: d) Prepare the entry to pay the employees on May 17, 2011: e) Prepare the entry to pay the liability to the health insurance company on May 31, 2011: f) Prepare the entry to pay the liabilities to the government on June 15, 2011

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