HeerDon't upload any image please An employer has calculated the following amounts for an employee during the last week of March 2021.$1,50030078.0823.70Requireda) Calculate the employee's net pay, assuming an income tax rate of 20% is applied.Gross wagesIncome taxesCanada Pension PlanEmployment Insuranceb) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense?c) Prepare the journal entries to record payroll for the employee and record the employer's contribution.JOURNALDateAP-6AAccount Title and ExplanationAP-10A AP-9B AP-16B+DebitCredit

Gross Wage -When an employee is paid for services rendered to an employer, their gross wage is the…

mployer has calculated the following amounts for an employee during the last week of March 2021 $1,500 300 78.08 23.70 Gross wages Income taxes Canada Pension Plan Employment Insurance ired lculate the employee's net pay, assuming an income tax rate of 20% is applied. 100066 1000 €

mployer has calculated the following amounts for an employee during the last week of March 2021 $1,500 300 78.08 23.70 Gross wages Income taxes Canada Pension Plan Employment Insurance ired lculate the employee's net pay, assuming an income tax rate of 20% is applied. 100066 1000 €

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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Question

Heer

Don't upload any image please

An employer has calculated the following amounts for an employee during the last week of March 2021.
$1,500
300
78.08
23.70
Required
a) Calculate the employee's net pay, assuming an income tax rate of 20% is applied.
Gross wages
Income taxes
Canada Pension Plan
Employment Insurance
b) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense?
c) Prepare the journal entries to record payroll for the employee and record the employer's contribution.
JOURNAL
Date
AP-6A
Account Title and Explanation
AP-10A AP-9B AP-16B
+
Debit
Credit

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