Starter 11-14 Return to the Mike Klyn payroll situation in Starter 11-13. Klyn's employer, Jones Golf Corp., pays all the standard payroll expenses plus benefits for employee pensions (5 percent of gross pay), BC health insurance ($60 per employee per month), and disability insurance ($8 per employee per month). Assume February has four pay periods. Compute Jones Golf Corp.'s total expense of employing Mike Klyn for the 50 hours that he worked during the first week of February. Carry amounts to the nearest cent 11-13 1) 1155 gross pay (21*40)+(21*1.5*10) per hour rate=840/40 21.00 Gross pay G Income tax (G*20%) CPP (G*4.95%) EI( G*1.88%) Net pay 1155 231 57.17 21.71 845.11 11-14 CPP (G*4.95%) EI( G*1.88%*1.4) Pension expenses payable (5%*1155) BC health insurance payable (60/4) Disability Insurance payable (8/4) Employer payroll expenses A gross pay of employees B Total expenses including wages A+B 57.17 30.40 57.75 15.00 2.00 162.32 1155 1317.32 Accounts Title Dr Cr Date 11-15 a) $1,155 Salaries & wages expenses Income Tax payable CPP payable El payable Salaries & wages payable (being salaries & wages recorded) S231.00 $57.17 $21.71 $845.11 74.75 Benefit expenses Pension expenses payable (5%*1155) BC health insurance payable (60/4) Disability Insurance payable (8/4) 57.75 15.00 2.00 87.57 Payroll Tax expenses CPP payable El payable $57.17 $30.40 Starter 11-14 Return to the Mike Klyn payroll situation in Starter 11-13. Klyn's employer, Jones Golf Corp., pays all the standard payroll expenses plus benefits for employee pensions (5 percent of gross pay), BC health insurance ($60 per employee per month), and disability insurance ($8 per employee per month). Assume February has four pay periods. Compute Jones Golf Corp.'s total expense of employing Mike Klyn for the 50 hours that he worked during the first week of February. Carry amounts to the nearest cent 11-13 1) 1155 gross pay (21*40)+(21*1.5*10) per hour rate=840/40 21.00 Gross pay G Income tax (G*20%) CPP (G*4.95%) EI( G*1.88%) Net pay 1155 231 57.17 21.71 845.11 11-14 CPP (G*4.95%) EI( G*1.88%*1.4) Pension expenses payable (5%*1155) BC health insurance payable (60/4) Disability Insurance payable (8/4) Employer payroll expenses A gross pay of employees B Total expenses including wages A+B 57.17 30.40 57.75 15.00 2.00 162.32 1155 1317.32 Accounts Title Dr Cr Date 11-15 a) $1,155 Salaries & wages expenses Income Tax payable CPP payable El payable Salaries & wages payable (being salaries & wages recorded) S231.00 $57.17 $21.71 $845.11 74.75 Benefit expenses Pension expenses payable (5%*1155) BC health insurance payable (60/4) Disability Insurance payable (8/4) 57.75 15.00 2.00 87.57 Payroll Tax expenses CPP payable El payable $57.17 $30.40
