The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records: Employees Names Hellen Craig Joseph Lin Dino Patell Sharleen McFee Employee Hellen Craig Joseph Lim Dino Patelli Sharloon McFee Totals Weekly Gross Pay $1,060 Gross Pay $ 1,060.00 950 00 1,170.00 2,040 00 $ 5,220.00 950 1,170 2,040 $5,220 Earnings to End of Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Previous Income Week Taxes $12,510 $168.95 142.90 28.00 195.50 40.00 469.50 28.00 $976.85 $122.00 14,400 20,260 33,580 EI Premium Income Taxes $ Health Insurance) Deductions $26.00 Deductions 168.95 142.90 195.50 469 50 $ 976.85 CPP Health Insurance $26.00 28.00 40.00 28.00 $122.00 Total Deductions Net Pay

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.