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 Lim Dino Patelli Sharleen McFee Employee Hellen Craig Joseph Lim Dino Patelli Weekly Gross Pay $1,040 Sharleen McFee Totals 930 1,150 2,020 $5,140 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 $12,510 Gross Pay $ 1,040.00 930.00 1,150.00 2,020.00 $ 5,140.00 $ Taxes $168.90 $ 25.00 14,160 142.85 27.00 19,980 195.45 39.00 27.00 33,340 469.45 $976.65 $118.00 El Premium 0.00 Health Insurance Deductions Income Taxes $168.90 $ Deductions 142.85 195.45 469.45 976.65 $ CPP Health Insurance $ 25.00 27.00 39.00 27.00 0.00 $ 118.00 Total Deductions $ 0.00 $ - Net Pay 0.00

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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.