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Ryan's Snow Removal is required to withhold taxes from employees and remit those to the government by the 15th of the following month. Ryan sends
Ryan's Snow Removal is required to withhold taxes from employees and remit those to the government by the 15th of the following month. Ryan sends the correct amount every month. On October 29th, he needs to pay his 4 employees gross wages of $6,000 each. Ryan has determined that he needs to withhold $300 of CPP, EI of $100, and income tax of 1,000 per employee. Required 1: Prepare the journal entries to record October payroll. All amounts owing to CRA are tracked in one account payroll withholdings payable. Assume Ryan's Snow Removal, as the employer, has to pay CPP equal to the employee's amount and EI at 1.4 times the employee rate. Required 2: How much does Ryan's Snow Removal owe CRA at the end of the month, to be paid on November 15th
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