You have been hired by ACME to work one day a week, either in the office or from home to provide Payroll and Government Reporting services for a new start-up company, AMCE Manufacturing. The company has started up on January 2, 2020. The company manufactures wrist watch computers.

Henry Ford and Terry Carr have each loaned the company $5,000 for startup. The loan is for one year and the company will repay the employees at December 31, 2020 and the agreed upon interest rate for this loan is 7%. (each employee will require a T5 at year end to report the interest income earned from investing in ACME)

The company pays employees on a bi-weekly basis and hopes to offer benefits in the near future, however at the date of hiring all new staff there are no benefits in place. Regular work week is 35 hours. The first pay period will be for the Period January 1-11thand will be paid on January 11, 2018.

Payroll Information

Pay period: Bi-weekly

Normal work week is 35 hours

Overtime: currently no overtime is paid

Statutory Holidays: the company currently has no policy to pay for stat holidays, as no one works on stat holidays.

WSIB Rate:1.42

HST is charged on all services

Vacation: There is currently no policy on vacation

On January 2ndthe company hired the following employees:

April Summers, receptionist, hourly rate is $18.00, single with no dependents

D.O.B. April 14, 1988; Sin 111 222 333, Address 123 Queen St, Kingston ONK7M 4T5

Doug Winters, maintenance, salary $36,000, has one dependant (child with no income)

D.O.B. June 16, 1975; Sin 111 222 334, Address345 John St, Kingston ON K7M 3G3

Henry Ford, engineer, salary $55,000, spouse with no income

D.O.B. Feb 6, 1982; Sin 111 222 335, Address65 Princess St, Kingston ONK7M 5R2

Jamie Smith, production, salary $42,000, married no dependants (wife works)

D.O.B. Oct 4, 1981; Sin 111 222 336, Address 232 King St, Kingston ONK7M 6T4

Terry Carr, Manager, salary $62,000, married no dependants (wife works)

D.O.B.September 25, 1979; Sin 111 222 337,Address 45 Front St, Kingston ONK7M 6Y5

- this will be the first 3 months of payroll for your employees, setup in an excel spreadsheet. Complete with journal entries to record the first 3 months payroll (1 journal entry for each month) along with the monthly remittance calculation (for the first 3 months).