Assignment 2 - Termination of Employment Rosco ltd is a restaurant equipment supply company with offices and retail locations in Ontario and Québec. The organizationstarted operations in 1995 and currently has an approximate annual payroll of $12,000,000 in each jurisdiction. The organization is considering terminating the employmentof five employees in each jurisdiction. To assist with forecasting the budget for the balance of the year, Nathalie Chan, the Chief Financial Officer, has asked you, as thePayroll Manager, to provide her with the details on all legislated payments on termination of employment required for each jurisdiction. In addition to the required paymentson termination, include any employer costs related to the employees' statutory deductions. Please help me answer this in memo type.

The objective of the question is to provide a detailed explanation of the legislated payments on…

Answered: Assignment 2 - Termination of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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AP#5 Issue: Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money for state unemployment taxes. On reviewing the “unemployment file” with the head accountant, Deborah Murtha, he learns that the company’s tax rate is near the top of the range of the state’s experience-rating system. After calling the local unemployment office, Stone realizes that the turnover of employees at Hilton Company has had an adverse effect on the company’s tax rates. In addition, after consulting with Murtha, he discovers that the eligibility reports that come from the state unemployment office are just signed and sent back to the state without any review. The eligibility reports are notices that an ex-employee has filed a claim for unemployment benefits. By signing these reports “blindly,” the company, in effect, tells the state that the employee is eligible for the benefits. Any benefits paid are charged by the…
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Domestic
VACATION PAY The Tom Thumb Corporation follows this vacation policy for its factory workers: I to 3 years of service: 1 week paid vacation 4 to 12 years of service: 3 weeks paid vacation Over 12 years of service: 4 wecks paid vacation The payroll records show the following information pertaining to next year (all em- ployees work directly on the product): YEARS OF EMPLOYMENT SALARY (WEEKLY) NAME I. Gelati B. O'Hara R. Reilly F. Maestro R. Auerbach K. Sposare T. Fyumo $350 175 370 15 425 8. 400 125 390 Requlred: Determine the amount that should be accrued each week for each employee. b Show next year's journal entry needed to distribute the weekly payroll. The Tom Thumb Corporation uses the perpetual cost accumulation system. To prepare the entry, assume that no employee would be on vacation.
Service Department Charges In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $52,140, and the Purchasing Department had expenses of $23,760 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Government Residential Commercial Contract Sales $497,000 $658,000 $1,511,000 Number of em ployees: Weekly payroll (52 weeks per year) 135 85 90 Monthly payroll 32 43 30 Number of purchase requisitions per year 2,300 1,600 1,500 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Government Residential Commercial Total Contract Number of payroll checks: Weekly payroll…
Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Regular earnings rate Overtime earnings rate* Number of withholding allowances Consultant Computer Programmer Administrator $3,010 per week $30 per hour $50 per hour Not applicable 1.5 times hourly rate 2 times hourly rate 3 2 1 *For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 60 hours and the administrator worked 50 hours. The federal income tax withheld for all three employees, who are single, can be determined by adding $276.54 to 24% of the difference between the employee's amount subject to withholding and $1,692.00. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and one withholding allowance is $81. Determine the gross pay and the net pay for each of the three…
Blossom Telecommunications Corp. has made an investment in another company that will guarantee it a cash flow of $25,000 each year for the next five years. If the company uses a discount rate of 19 percent on its investments, what is the present value of this investment? (Round factor values to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25.)
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Chapter 9 Homework - Payroll (Homework) Question is : A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?
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