The Small Company Next door

As a book keeper for the "Small company next door LTD$"$ your duties include doing the monthly payroll.

The "Small company next door Ltd$"$ employees $4$ people. $4$ of the employees are paid hourly and paid weekly.

The $4$ employees are paid the following hourly wage, which is based on length of service

Name wage

S$.$ Ryan $$15\mathrm{.}00$ per hour

N$.$ Lawless $$13\mathrm{.}50$ per hour

S$.$ Evans $$12\mathrm{.}00$ per hour

A$.$ Raj $$10\mathrm{.}25$ per hour

Overtime is time and a half and starts after the $44$ hours worked in a regular week

The company has $4$ pay periods a month. The company calculates what is owing to employees on the Friday of each week and then deposits the money into the employees accounts via direct debit on the following Monday. The company remits EI and CPP collected on the $20$th day of the month.

Year

CPP is calcuated at $5\mathrm{.}25\%$ with a annual excemption of $$3,500\mathrm{.}002020$

EI is calcuated at $1\mathrm{.}58\%2020$

Or you may use the Tables in AME

The employer is required to contribute

a$)100\%$ of the CPP premium

b$)140\%$ of the EI premuim

In order to determine the federal and provincial income, your company uses current $2020$ Tax tables provided by the Canadian reveune agency, or the Payroll Online Calculator $($POC$).$ See link below

Your task is to :$-$

a$)$ Calculate the net pay of each employee for the first $2$ pay periods

b$)$ Complete all required payroll transactions for the first $2$ pay period of the new year.

Be sure to calculate regular time and overtime values separately and then add the results together for gross pay for each employee and if using the PR tables, ranges of pay are listed in such a way that the ending number for one range and the beginning number for the next range may be the same, say $2009.$ This means the first range actually ends at $2008\mathrm{.}99,$ so it would be for less than $2009.$

Week $1$

a$)$ Complete the following table for the first week ending Friday $5$th of January, using the following information

Time summary sheet for week ending $5$th January

Name Hours worked

S$.$ Ryan $34$

N$.$ Lawless $50$

S$.$ Evans $28$

A$.$ Raj $47$

Round wages to nearest whole $

Employee Total Hours worked Regular hours Overtime Gross pay Federal Income Tax Provincial income tax CPP EI Net Pay

S$.$ Ryan $34340$ $$510\mathrm{.}00$ $$30\mathrm{.}05$ $$19\mathrm{.}47$ $$23\mathrm{.}24$ $$8\mathrm{.}06$ $$429\mathrm{.}18$

N$.$ Lawless $$58\mathrm{.}84$ $$30\mathrm{.}59$ $$34\mathrm{.}06$ $$11\mathrm{.}31$

S$.$ Evans $$5\mathrm{.}74$ $$1\mathrm{.}45$ $$14\mathrm{.}11$ $$5\mathrm{.}31$

A$.$ Raj $$28\mathrm{.}24$ $$18\mathrm{.}86$ $$22\mathrm{.}56$ $$7\mathrm{.}85$

Totals