CL7 Engagement Submission Questions (2024 (2)

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University of Guelph *

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1240

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Business

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Feb 20, 2024

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xls

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6

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7-1 Payroll Page 1 Discussion Question 7-1 Gross Pay per hour $ 20.00 Total Pay $ 20.00 Total Gross Pay per hour $ 20.00 Total If an employee earns gross pay of $20/hr, what is the total cost to the employer per that employee? Make reasonable estimates/assumptions where necessary. If an employee earns gross pay of $20/hr, what is their estimated net pay per hour? reasonable estimates/assumptions where necessary.
7-1 Payroll Page 2 hour of Make
7-2 Vacation Pay Page 3 Discussion Question 7-2 When should an employer record an expense for vacation pay – when the employees render services to the company or when they take their vacations? What sources could you use to support your conclusion?
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7-3 Deductions Page 4 Discussion Question 7-3 Base Salary Income Tax Employee EI CPP Employer EI CPP An employee earns an annual salary of $60,000. Using the template provided, calculate the employ CPP, and Income Tax deductions. Additionally, calculate the employer's portion of any deductions Assume the employee has selected Code 1 for income tax purposes and is paid on a biweekly basi periods per year). Manual Calculations
7-3 Deductions Page 5 yee's EI, calculated. is (26 pay
Group Members: Group # ACCT 2240, Week 3 Discussion Question 7-4 Shari's Calculations 78,000.00 Biweekly 3,000.00 45,000.00 Year to Date CPP 2,227.50 Year to Date EI 846.00 Tax Code T1 Tax Rate - 12% federal - 13% provincial. Gross Pay CPP EI Fed Tax Prov Tax Net Pay Employer's Contributions CPP EI Fed Tax Prov Tax Journal Entries : Date Account Dr. Cr. 7-Sep-22 7-Sep-22 15-Oct-22 It is September 7, 2015 and you are required to complete the payroll for Shari Copper: 1) Determine Shari's net pay, 2) Calculate the Employer portion of the deductions 3) Prepare the journal entries required to remit the payment Annual Net Income Year to Date (15 pays so for)
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