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Take me to the text An employer has calculated the following amounts for an employee during the last week of October 2019. Gross Wages Income
Take me to the text An employer has calculated the following amounts for an employee during the last week of October 2019. Gross Wages Income Taxes $1,600.00 $368.00 $78.17 Employment Insurance Contributions $25.92 Canada Pension Plan Contributions Do not enter dollar signs or commas in the input boxes. Round your answer to 2 decimal places. Required a) Calculate the employee's net pay. Net Pay = $1127.91 b) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense? Total Employer Expense = $1714.46 For transactions with more than one credit, enter the credit accounts in alphabetical order. Date Debit Credit Account Title and Explanation 2019 Oct 31 Salaries Expense 1600 Canada Pension Plan Payable. Cash 78.17 1127.91 Employment Insurance Payable 25.92 Income Tax Payable 368 Record payroll Oct 31 36.28 x Check Employee Benefits Expense Canada Pension Plan Payable Employment Insurance Payable Record additional employer expenses 36.28 x 36.28 x Net Pay $1127.91 b) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense? Total Employer Expense = $1714.46 c) Prepare the journal entries to record payroll for the employee and record the employer's contribution. Assume the employee was paid immediately. For transactions with more than one credit, enter the credit accounts in alphabetical order. Date 2019 Account Title and Explanation Oct 31 Salaries Expense 1600 Canada Pension Plan Payable V Cash Employment Insurance Payable Income Tax Payable Record payroll Debit Credit 78.17 1127.91 25.92 368
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