Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $520,000. The following amounts have been withheld: Income taxes $66,000 Canada Pension Plan contributions 32,240 Employment Insurance contributions 5,000 Pension plan contributions 7,540 Charitable contributions 1% of gross pay Union dues 2% of gross pay Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll (employer pays additional 100% of employees' CPP and 140% of employees' EI)

Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $520,000. The following amounts have been withheld: Income taxes $66,000 Canada Pension Plan contributions 32,240 Employment Insurance contributions 5,000 Pension plan contributions 7,540 Charitable contributions 1% of gross pay Union dues 2% of gross pay Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll (employer pays additional 100% of employees' CPP and 140% of employees' EI)

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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