t4 for phillippa and mike

Outiaw Consulting is a proprietorship run by Jessie Jessie. She established her business in 2010 and over the years the work has grown and she now has two full-time employees. Outlaw Consulting is located at 123 Vancouver Street in Victoria V8V 1W1, and the business number is 500574399 and Jessie's SIN number is 527000509. Jessie has decided she needs a full-time bookkeeper and office assistant and has hired you as her newest employee. It is now February 2022 and it is your job to complete the T4s for the 2021 year. Outlaw Consulting has only one payroll account. Jessie provides you with the following information about her employees: Phillippa Pystynen (SIN 123456 782) is her general manager and senior consultant and earns a salary of $118,000 per year. Phillippa lives at 852 Gordon Head Road in Victoria V8V 2W2. In addition to the salary. Outlaw Consulting paid for a term life insurance policy at $2,100 per year. A couple of years ago, Phillippa negotiated that Outlaw Consulting also pay into a defined contribution pension plan (a type of RPP) for Phillippa (Plan #1234567 ). Both Phillippa and Jessie contributed $6,200 each in 2021 to the plan. Jessie informs you that the pension adjustment to be recorded this year is $12,400. Outlaw Consulting also pays the professional dues for Phillippa, the dues paid in 2021 were $1,900. Tax deducted from Phillippa's paycheques during the year was $22,540. The other employee Mike Molshewsky (SIN 222333445 ) is a consultant and was paid a salary of $72,000 and had $20,500 in income tax deducted from his paycheque. Mike lives at 999 Government Street in Victoria V8V 00. Mike does not pay into the pension plan, nor does he have any professional dues. Both employees had the maximum CPP and EI withheld from their paycheques. For the 2021 year, that information is as follows: As well as the $10,000 Christmas bonus (already included in the gross payroll amounts noted), Outlaw Consulting gave Christmas gifts to all employees. Phillippa received a $3,000 Amazon gift card and Mike received a 50 Television valued at $650. Outlaw Consulting supplied a vehicle for employees Mike to use. The vehicle originally cost$48,000. Mike drove the vehicle 63,000 kilometres during the year, 38,600 of T4 Project ACCT 240 2022F which were personal. Mike had $5,000 taken off of his paycheque during the year to partialy pay back operating expenses. Phillippa likes to use her own vehicle and therefore receives an automobile allowance of $650 per month instead. Both Mike and Phillippa are required under contract to travel to locations that were not their normal place of business to perform their employment duties. Phillippa is not required to be away from the municipality for more than 12 hours. She is responsible for her own expenses on her vehicle. On March 1, Mike approached Jessie for an employee loan. Outlaw Consulting gave him $16,000 and he is paying interest at 2% per year. You have checked and the prescribed rate for each quarter of the year was 4% in quarter 1,4% in quarter 2,5% in quarter 3 and 7% in quarter 4 (use months for the calculation of interest). All salary payments are made on the last day of each month and are evenly spread throughout the year. Jessie remitted $60,900 in payroll remittances for 2021. Jessie has indicated she would prefer you were the contact person for any questions from CRA concerning the payroll. The office contact number is 250-555-1212. partially pay back operating expenses. Phillippa likes to use her own vehicle and therefore receives an automobile allowance of $650 per month instead. Both Mike and Phillippa are required under contract to travel to locations that were not their normal place of business to perform their employment duties. Phillippa is not required to be away from the municipality for more than 12 hours. She is responsible for her own expenses on her vehicle. On March 1, Mike approached Jessie for an employee loan. Outlaw Consulting gave him $16,000 and he is paying interest at 2% per year. You have checked and the prescribed rate for each quarter of the year was 4% in quarter 1,4% in quarter 2,5% in quarter 3 and 7% in quarter 4 (use months for the calculation of interest). All salary payments are made on the last day of each month and are evenly spread throughout the year. Jessie,remitted $60,900 in payroll remittances for 2021 . Jessie has indicated she would prefer-you were the contact person for any questions from CRA concerning the payroll. The office contact number is 250-555-1212. Required Submission: 1. Create a word document and save it as LASTNAME_T4Project2023W 2. Label your word document with your name and student number on the first two lines. 3. Take screenshots of the following a. T4 for Phillippa b. T4 for Mike c. T4 Summary 4. Write an email to Jessie to let her know they are ready for her signature and include it on a separate page of your word document