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 T4T56Z. His SIN Number is 123455778. Your payroll account number with CRA is 456897589RP0001

Required: Use the payroll calculator from CRA's website to calculate EI, 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 EI, CPP, and Payroll Tax withheld each month. Be sure to include columns in your spreadsheet for the employer's portion of EI and CPP

1. CPP match is 1:1 (Employer: Employee)

2. EI match is 1.4:1 (Employer: Employee)

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?

1. Payroll calculator output for Jan 2021, Feb 2021, and Mar 2021

2. Completed excel workbook

3. T4SUM printout

4. T4 return printout

5. Explain implications