Waterkraft rents canoes and other water crafts to campers and hikers. On September 15, 2019, Waterkraft prepared their semi-monthly payroll for their employees. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 19%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for September 15, 2019 is listed below. Employee Total Hours Hourly Rate Health Care M. Swift 79.0 82.0 77.0 S. Current B. Wavey Employee M. Swift $15.00 $14.00 $14.00 Do not enter dollar signs or commas in the input boxes. Bound your answer to 2 decimal places a) Calculate gross and net pay for each employee. Gross $19.00 $14.00 $22.00 Income Tax CPP. Payroll Register Deductions EI S Health Care Total Deductions Net Pay
Waterkraft rents canoes and other water crafts to campers and hikers. On September 15, 2019, Waterkraft prepared their semi-monthly payroll for their employees. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 19%. The employer pays half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for September 15, 2019 is listed below. Employee Total Hours Hourly Rate Health Care M. Swift 79.0 82.0 77.0 S. Current B. Wavey Employee M. Swift $15.00 $14.00 $14.00 Do not enter dollar signs or commas in the input boxes. Bound your answer to 2 decimal places a) Calculate gross and net pay for each employee. Gross $19.00 $14.00 $22.00 Income Tax CPP. Payroll Register Deductions EI S Health Care Total Deductions Net Pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Qq.11.
Transcribed Image Text:Waterkraft rents canoes and other water crafts to campers and hikers. On September 15, 2019, Waterkraft prepared their semi-monthly payroll
for their employees. The current CPP rate is 5.1%, the current El rate is 1.62% and the appropriate income tax rate is 19%. The employer pays
half of the health care premium, and the employees pay the other half. Assume the employer contributes 100% toward CPP and 140% toward
El. Payroll information for September 15, 2019 is listed below.
W
19
Employee Total Hours Hourly Rate Health Care
M. Swift
S. Current
B. Wavey
Employee
M. Swift
F111111
WERKERZ
Do not enter dollar signs or commas in the input boxes
Round your answer to 2 decimal places
a) Calculate gross and net pay for each employee.
79.0
82.0
77.0
CPP
El
Gross
S
Health Care S
$15.00
$14.00
$14.00
"Remember to properly account for the $3.500 exemption
b) Calculate the employer contributions.
Employer Contributions
Sep 15
$19.00
$14.00
$22.00
e here to search
Income Tax
S...
Sep 17
CPP
$
c) Prepare the payroll journal entries for September 15, 2019 to record the salaries payable to the employees and accrue the employer
contributions.
•
For transactions with more than one debit or more than one credit, enter the debit accounts in alphabetical order followed by credit accounts
in alphabetical order
Date Account Title and Explanation
2019
Payroll Register
Deductions
.
.
J
Debit
d) Prepare the entry to pay the employees on September 17, 2019.
Date Account Title and Explanation
Debit
2019
0
0
El
S
+
0
0
Health Care Total Deductions
4
0
Credit
Pay employees
e) Prepare the entry to pay the liability to the health insurance company on September 30, 2019.
Date Account Title and Explanation
Debit
Credit
2019
Sep 30
D
Pay health care liability
f) Prepare the entry to pay the liabilities to the government on October 15, 2019.
Date
Account Title and Explanation
Debit
Credit
2019
Oct 15
Credit
Net Pay
S
4
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