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we received the payroll excerpt from our third-party provider and recorded the journal entry in full that they recommended to us, except for your portion.

we received the payroll excerpt from our third-party provider and recorded the journal entry in full that they recommended to us, except for your portion. Can you please review the payroll excerpt below and prepare the necessary journal entry we did pay you cash last Friday. For this journal entry please ignore account names.

Note: you are paid bi-weekly (2 pay periods per month) and both federal and provincial tax rates are applied correctly.

CPP has a rate of 5.45%

EI has a rate of 1.58%

Employee ID #56 PayStub

Field

Rate

Total

Income:

Salary

35,000

Pay Periods

26

1,346.15

Deductions

Federal Tax

5.06%

(68.12)

Provincial Tax

5.06%

(68.12)

CPP

5.45%

(67.92)

EI

1.58%

(19.69)

Net Pay

1,122.30

Journal Entry:

Entry #

Date

Description

Account Name

Debit or Credit

Amount

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