Sally Smith earns a salary of $$5,500$ per month during $2021.$ Employment Insurance taxes $($EI$)$ are $1\mathrm{.}58\%$ of the first $$56,300$ in earnings. The Canada Pension Plan $($CPP$)$ rate is $5\mathrm{.}45\%$ of the first $$61,600$ in earnings, less a basic annual exemption of $$3,500.$ During the year, $$23,000$ was withheld for income taxes.

Instructions

Prepare a journal entry summarizing the payment of Smith's total salary during the year.

Prepare a journal entry summarizing the employers payroll tax expense on Smith's salary for the year.

Determine the cost of employing Smith for the year.