You have hired a new employee Bill Simpson as a junior accountant to work for your company Accounting Universe. The address of your company is Accounting Universe, PO BOX 1915 Calgary High Avenue AB - T4T Z41 Due to a tough economy, it was very difficult to hire talented staff. You, therefore, offered Bill a signing bonus of $1000 that will be handed to him in January's paycheque. Bill will be paid a salary of $60,000/year. He will be paid once a month at the end of each month. Bill is located at 789 Vista view heights, Calgary AB T4T562. His SIN Number is 123455778. Your payroll account number with CRA is 456897589RP0001 Required: Use the payroll calculator from CRA's website to calculate El, CPP, and Income taxes to withhold from each pay cheque from Jan 2021 - to Dec 2021 https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/payroll- deductions-online-calculator.html Create a spreadsheet to track El, CPP, and Payroll Tax withheld each month. Be sure to include columns in your spreadsheet for the employer's portion of El and CPP CPP match is 1:1 (Employer: Employee) El match is 1.4:1 (Employer: Employee) Payroll Accounting - Assignment 1 Complete the T4SUM for Bill. Assume that the total remittance you paid to CRA during 2021 was $26,000 Get the t4sum-fill-20e.pdf from https://www.canada.ca/en/revenue-agency/services/forms- publications/forms/t4sum.html Complete the T4 slip for Bill Get the t4-fill-20e.pdf from https://www.canada.ca/en/revenue-agency/services/forms-publications/ forms/t4.html What are the consequences if you miss your remittance deadline each month? How much would that equate to each month?