Answered: Revenu Quebec can impose a penalty of…

Revenu Quebec can impose a penalty of up to $30,000 on any employer who fails to file their remittance slip, in addition to any daily interest.

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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An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 45 hours in one week. The employers should record an overtime premium of blank in the payroll register.
Jon Corp. has an employee benefit plan for compensated absences that gives each employee 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 31, 2021, Jon 's unadjusted balance of liability for compensated absences was $42,000. B estimated that there were 300 total vacation days and 150 sick days available at December 31, 2021. Jon's employees earn an average of $200 per day. In its December 31, 2021, balance sheet, what amount of liability for compensated absences is B required to report? A. $60,000. B. $84,000. C. $90,000. D. $144,000. D. 9.7%.
An error was found on Jocelyn's bi - weekly pay cheque. When she brought it to the attention of the Payroll Department, they realized that they had underpaid her by $203.60 so they issued her a separate payment in the same pay period. Calculate the Canada Pension Plan contribution for this separate payment
on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers. when the note matured on december 31, the customer was unable to pay, and company treates it as a dishonored note. prepare the journal entry that cooper will make to record the dishonored note.
Keyshawn Brown prepared and signed last year's tax return on April 3 but forgot to mail the return until the morning of April 20. Keyshawn enclosed a check for the $3,612 balance of tax due with the return. Required: Compute the late-filing and late-payment penalty. Note: Round your answer to the nearest whole dollar amount. Late-filing and late-payment penalty
Volpe Corporation has only four employees who are all paid $1,200 per week. Compute the total FICA taxes that the employer would withhold from the four employees each week and the amount the company would pay as its own liability for the employer's share of the FICA taxes on the weekly wages of the four employees: Employees' total OASDI $fill in the blank 1 Employees' total HI $fill in the blank 2 Employer's total OASDI $fill in the blank 3 Employer's total HI
Neilson Company has monthly salaries of $36,000. Assume Neilson pays all the standard payroll taxes, no employees have reached the payroll tax limits, total income tax withheld is $2,000, and the only payroll deductions are payroll taxes. Journalize the accrual of salaries expense, accrual of employer payroll taxes, and payment of employee and employer payroll taxes for Neilson Company. (Assume all of the monthly salary is subject to FUTA and SUTA. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) i (Click the icon to view payroll tax rate information.) Begin with the entry to accrue salaries expense and payroll withholdings for the employee. Accounts and Explanation Date Debit Credit C More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on…
The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid semimonthly. Some employees have union dues or garnishments deducted from their pay. You do not need to complete the number of hours. Required: Calculate their net pay using the percentage method for manual payroll systems with Forms W-4 from 2020 or later in Appendix C to determine federal income tax. Assume box 2 is not checked for any employee. Include Colorado income tax of 4.40 percent of taxable pay. No employee has exceeded the maximum FICA limit. Note: Round your intermediate calculations and final answers to 2 decimal places. Employee Filing Status, Dependents Pay Union Dues per Period Garnishment per Period Net Pay S. Bergstrom MJ-0 $ 1,830 $ 50 C. Pare MJ-2 (<17) $ 3,760 $ 120 L. Van der Hooven S-1 (Other) $ 3,485 $ 240 $ 75 S. Lightfoot MJ-0 $ 3,110 $ 100
Under the FLSA, employers are subject to a civil money penalty of up to $11,000 per worker for each violation of the child labor provisions. True False
Marin Company's gross pay for the week ended August 22 totalled $71,200, from which $3,880 was deducted for CPP, $1,125 for El, and $19,900 for income tax. Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 1,575.) Date Account Titles Aug. 22 Debit Credit
Albert Soft Top Corp. pays quarterly wages and incurs federal employment taxes of $3,150 on said wages. The corporation makes the deposit on the required date in the amount of $3,085 (due to an input error in the software). Which calculation illustrates the safe harbor rules that Albert SoftTop Corp. can adhere to (assuming they pay the shortfall by the shortfall date)? Oa. $65 is under the $1,000 limit so they are covered by safe harbor rules. b. $65 is less than 2% of the required deposit, so they are covered by safe harbor rules. e $65 is less than the greater of $100 or 2% of the required deposit, so they are covered by safe harbor rules. Od. the safe harbor rules would only apply if the shortfall was greater than $62 (2% x $3,150). Darla Simpson is self-employed. Her net income for the year is $152,000. Calculate the OASDI portion of her self-employment taxes for the year. O a. $10,863.00 Ob. $17,707.200 Oc. $8,537.40 Od. $18,848.00 If a new employer incurs $100,000 of unsatisfied…
These provide an employee with financial security upon ceasing employment. A wide variety of these exist, and withholding from gross pay for these plans is a voluntary deduction. The withholding of a portion of an employee's earnings, in compliance with a court order or other legal proceeding. Limited to the lesser of 25% of disposable earnings or the amount of disposable earnings that exceed 30 times the federal minimum wage. A flexible spending account that is designated for a specific purpose. It is a type of cafeteria plan.