The November 30, 2023, monthly payroll run for Nod Company needs processing. The company wantsyour help to prepare the payroll calculations. The company has a health plan, to which it contributes 1.6times the employee contributions. Other relevant information:HealthEmployeeGross PayYear-To-DateEamingsIncome taxesInsurancePremiumsDarshan Kaur $764 $8,915 $101 $Sandeep Patel$725 $10,826 $80 $Mary Lee$907 $12,801 $151 $Sarah James$1,578 $36,722 $453 $3333232335233,97469.264 $785 $104CPP Rate:5.95%El Rate:1.58%Max earnings: $65,700Max earnings: $61,300CPP Exempt: $3,500REQUIRED:Nod Company needs you to prepare the entire payroll, including the employer costs of El andCPP and net pay for all employees. Provide the general journal entry for everything.(14 marks)

Answer image:This is November 30, 2023. (Journal entries)

Answered: The November 30, 2023, monthly payroll…

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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Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Jan. 2 1 2 2 3 3 2. Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Dec. 31 1 2 2 3 3
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trying to learn payroll pls explain step by step thank you! Payroll Journal Entry Regular earnings $ 5,860.00 Overtime earnings 890.00 Deductions: Federal income tax 615.00 Social Security tax 418.50 Medicare tax 97.88 Pension plan 70.00 Health insurance premiums 230.00 United Way contributions 120.00 Journalize the above data taken from the payroll register of CopyMasters as of April 15, 20—. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Apr. 15 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 Payroll for week ended April 15 9
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Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. Year-to-Date Employee Earnings Current Month Social Security Graham, C. $14,300 $1,780 Medicare
An employee who earned a salary of $4,000 per month was startled at how low his net pay was. The Payroll Department provided the following information: CPP: $100 each (employee and employer EI: $80 re employee. $112 re emplyer Income tax $750 Union dues $50 Charitable donation $25 Vacation pay accrued $240 Calculate the employee’s net pay. Select answer from the options below $2,783 $2,995 $2,775 $2,543
Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Regular earnings $ 5,715.00 Overtime earnings 790.00 Deductions: Federal income tax 625.00 Social Security tax 403.31 Medicare tax 94.32 Pension plan 80.00 Health insurance premiums 270.00 United Way contributions 100.00 Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—. When required, enter amounts in dollars and cents. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20-- Apr. 15 Wages and salaries expense 1 2 Employee federal income tax payable 625 2 3 Social Security tax payable 403.31 3 4 Medicare tax payable 94.32 4 5…
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