Question 7: Hamilton, Inc. prepared the following payroll summary for the current month: Total salaries Employee deductions: Employee income taxes withheld Hospital insurance premiums Union dues withheld $49,500 11,670 1,420 1,160 CPP is deducted at 4.95% and El is deducted at 1.73%. Hamilton contributes to a private pension plan on behalf of its employees in the amount of 8% of gross pay. A vacation pay accrual is also made in the amount of 4% of the gross pay. Required: Prepare the journal entries to record: a) The month's payroll register. b) The cost of employee benefits for CPP and El. c) The cost of employee benefits for the private pension plan and vacation pay.
Question 7: Hamilton, Inc. prepared the following payroll summary for the current month: Total salaries Employee deductions: Employee income taxes withheld Hospital insurance premiums Union dues withheld $49,500 11,670 1,420 1,160 CPP is deducted at 4.95% and El is deducted at 1.73%. Hamilton contributes to a private pension plan on behalf of its employees in the amount of 8% of gross pay. A vacation pay accrual is also made in the amount of 4% of the gross pay. Required: Prepare the journal entries to record: a) The month's payroll register. b) The cost of employee benefits for CPP and El. c) The cost of employee benefits for the private pension plan and vacation pay.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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