Janet earns $3,000 per month and is paid the last working day of the month. Canada Pension Plan is 4.95 percent of the pensionable earnings and Employment Insurance is 1.88 percent of the insurable earnings. Withholdings for Janet also include Federal Income Tax of 15% and Medical Insurance Premiums of $120. 1.Present a general journal entry to accrue the payroll on March 31, 2017. (Note: CPP Exemption of 291.66 must be considered.) 2.Present a general journal entry to record the employers required expenses for CPP and EI from this payroll period.
Janet earns $3,000 per month and is paid the last working day of the month. Canada Pension Plan is 4.95 percent of the pensionable earnings and Employment Insurance is 1.88 percent of the insurable earnings. Withholdings for Janet also include Federal Income Tax of 15% and Medical Insurance Premiums of $120. 1.Present a general journal entry to accrue the payroll on March 31, 2017. (Note: CPP Exemption of 291.66 must be considered.) 2.Present a general journal entry to record the employers required expenses for CPP and EI from this payroll period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Janet earns $3,000 per month and is paid the last working day of the month. Canada Pension Plan is 4.95 percent of the pensionable earnings and Employment Insurance is 1.88 percent of the insurable earnings. Withholdings for Janet also include Federal Income Tax of 15% and Medical Insurance Premiums of $120. 1.Present a general
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