Sally Smith earns a salary of $5,500 per month during the year. Employment Insurance taxes (EI) are 1.66% of the first $51,700 in earnings. The Canadian Pension Plan (CPP) rate is 4.95% of the first $55,900 in earnings, less a basic annual exemption of $3,500. During the year, $23,000 was withheld for income taxes. Instructions a) Prepare a journal entry summarizing the payment of Smith's total salary during the year. b) Prepare a journal entry summarizing the employer's payroll tax expense on Smith's salary for the year. c) Determine the cost of employing Smith for the year.