Dog O'Riley Company's payroll costs and fringe benefit expenses include the normal CPP and El contributions, retirement fundcontributions of 10% of total earnings, and health insurance premiums of $122 per employee per month.Doherty $ 52,20058,40057,70041,00066,500$275,800FaneKahanMartinLeungTotal1. Given the above list of employees' projected 2021 annual salaries, calculate the employer's contribution of CPP. EI, Retirement Fund,and Health Insurance made by O'Riley Company. (Round the final answers to 2 decimal places.)Click here to view the CPP Tables for 2021.Click here to view the El Tables for 2021.DohertyFaneKahanMartinLeungCPP Contribution El ContributionRetirement FundContributionsHealthInsurance

The fringe benefits are an additional benefit received by an employee other than his/her wages. Life…

Answered: O'Riley Company's payroll costs and…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16EA: An employee and employer cost-share pension plan contributions and health insurance premium...

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An employee and employer cost-share pension plan contributions and health insurance premium payments. If the employee covers 35% of the pension plan contribution and 25% of the health insurance premium, what would be the employees total benefits responsibility if the total pension contribution was $900, and the health insurance premium was $375? Include the journal entry representing the payroll benefits accumulation for the employer in the month of February.
An employer uses a career average formula to determine retirement payments to its employees. The annual retirement payout is 8 percent of the employees’ career average salary times the number of years of service. Calculate the annual benefit payment under the following scenarios. Years Worked Career Average Salary 27 $ 68,000 30 70,500 32 72,000
The following facts relate to the Lional Co. postretirement benefits plan for 2021:· Service cost- P136,000· Discount rate- 9%· Post-employment benefit obligation, January 1, 2021- P1,200,000· Benefit payments to employees- P92,000The amount of postretirement expense for 2021 is?
Joshua Company has a define contribution plan that covers its existing employees. The terms of the plan require Joshua to contribute 5% of the annual employee salaries to the retirement plan each year. The payroll shows the annual salaries and contributions made as follows: Year Gross Payroll Contributions made 2021 P670,000 670,000 2022 12.200,000 430,000 How much is the benefit expense in 2022 profit or loss and the amount of prepaid (accrued) benefit as of December 31, 2022? O P610,000 and P10,000 prepaid O P610,000 and P180,000 accrued OP430,000 and P10.000 prepaid OP430,000 and P180,000 accrued
Greg Company provides retirement benefits to employees through defined contribution plan. The plan provides that Greg Company shall contribute annually 9% of gross payroll to a funding agency. In addition, the entity is also required to contribute 6% of annual sales exceeding 15,000,000. During 2020, gross payroll of the company was P 6,500,000 and total sales amounted to P 32,000,000. How much is the retirement benefit expense taken to profit or loss for the year 2020? Assuming that during 2020, the company contributed P 1,700,000 to the trustee. How much is the prepaid or accrued benefit arising from the transaction?
1. Compute for the annual retirement benefit expense for 2020. (present answer in whole number) 2. Compute for the annual retirement benefit expense for 2021. (present answer in whole number)
An employer uses a final pay formula to determine retirement payouts to its employees. The annual payout is 5 percent of the average salary over the employees’ last three years of service times the total years employed. Calculate the annual benefit under the following scenarios. Years Worked Average Salary during the Last Three Years of Service 17 $ 54,000 20 $ 61,000 22 $ 64,000
Claude Lopez is the president of Zebra Antiques. His employee, Dwight Francis, is due a raise. Dwight's current benefit analysis is as follows: Yearly Benefit Costs Medical insurance Dental insurance Life insurance AD&D Short-term disability Long-term disability 401(k) Social Security Medicare Tuition reimbursement Total yearly benefit costs (employer) Employee's annual salary. The Total value of employee's compensation Required: Compute the benefit analysis assuming: Company Cost (Current) $ 8,000.00 120.00 300.00 150.00 60.00 30.00 750.00 3,018.16 705.86 $ 2,000.00 $ 15,134.02 50,000.00 $ 65,134.02 Employee Cost (Current) $ 1,200.00 120.00 0 0 0 0 1,500.00 3,018.16 705.86 0 • 3 percent increase in pay. • Dwight will increase his 401(k) contribution to 8 percent with a company match of 50 percent up to 6 percent of the employee's annual salary. • 15 percent increase in medical and dental insurance premiums. (Round your answers to 2 decimal places.)
Hello please answer d and e
Study the Employee Earnings Record for Jason C. Jenkins below. In addition to the amounts shown in the earnings record, the employer also paid all employee benefits plus (a) an amount equal to 7 percent of gross pay into Jenkins' pension retirement account, (b) dental insurance for Jenkins at a cost of $40 per month, and (c) parking of $35 per month. Compute the employer's total payroll expense for employee Jason C. Jenkins during 2018. Carry all amounts to the nearest cent. (Click the icon to see Jenkins earnings record.) Gross Pay Employer payroll expenses: CPP contributions El premiums Pension Dental insurance Parking Total payroll expense
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. Vacation Pay Expense fill in the blank 5e6293fdafbafdb_2 fill in the blank 5e6293fdafbafdb_3 Vacation Pay Payable fill in the blank 5e6293fdafbafdb_5 fill in the blank 5e6293fdafbafdb_6 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. Pension Expense fill in the blank 30546afde038fc5_2 fill in the blank 30546afde038fc5_3 Cash fill in the blank 30546afde038fc5_5 fill in the blank 30546afde038fc5_6
Compute for the annual retirement benefit expense for 2020. (present answer in whole number) EIGHT Company has a defined contribution retirement plan that covers its seventy five existing employees. The term of the plan require EIGHT to contribute 7.5% of the annual employees' salaries to the retirement plan each year. The payroll records show the average quarterly salaries as follows: 2020 1,275,850 2021 1,390,675

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