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Waterkraft rents cances and other water crafts to campers and hikers, On June 15,2021 , Waterkraft prepared their semi-monthly payrofl for their employees. The current
Waterkraft rents cances and other water crafts to campers and hikers, On June 15,2021 , Waterkraft prepared their semi-monthly payrofl for their employees. The current CPP rate is 5.45%, the current EI rate is 1.58%, and the appropriate incorne tax rate is 22\%. The employer pays half of the health care premium, and the employees pay the other hall. Assume the employer contributes 100% toward CPP and 140% toward E1. Payroll information for June 15,2021 is listed below. Donot enter dollar sighs or commas in the input boxes. Round your answer to 2 decimal places. a) Calculate gross and net pay for each employee. "Remember to properly account for the $3,500 exemption b) Calculate the employer contributions. c) Prepare the payroll journal entries for June 15,2021 to record the salaries payable to the employees and accrue the employer. contributions. Eor transactions with more than one debit of more than one credit, enter the debit accounts in alphabetical order followed by credit accounts in alohabetical nrior. d) Prepare the entry to Dav the emoloven on lune 17.0nx1 f) Prepare the entry to pay the liabilities to the qovernment on Julv 15.2021 Waterkraft rents canoes and other water crafts to campers and hikers. On June 15, 2021, Waterkraft prepared their semi-monthly payroll for their employees. The current CPP rate is 5.45%, the current El rate is 1.58%, and the appropriate income tax rate is 22%. The employer pays haif of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward EI. Payroll information for June 15. 2021 is listed below. Do not enter dollar signs or commas in the input boxes. Roundyour answer to 2 decimal places. a) Calculate gross and net pay for each employee. -Remember to properly account for the $3,500 exemption b) Calculate the employer contributions. c) Prepare the payroll journal entries for June 15, 2021 to record the salaries payable to the employees and accrue the employer. contributions. For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit accounts in alphabetical order. d) Prepare the entry to pay the emplovees on Juna 17 onas e) Prepare the entry to pay the liability to the health insurance comnanu an liun an an21. 1) Prepare the entry to pay the liabilities to the government on July 15,2021. f) Prepare the entry to pay the liabilities to the qovernment on Julv 15. 2021
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