Prepare a general journal payroll entry for Manitoba Market using the following informatio

Prepare a general journal payroll entry for Manitoba Market using the following informatio

Prepare a general journal payroll entry for Manitoba Market using the following information:

CumulativeWeekly Salary

EarningsBefore PayrollDepartment

Sam Schmidt35,000700Office

Marianne Saul 40,000800Sales

Jay Bachal50,0001,000Office

 

Assume the following:

a) CPP 4.95%; EI 1.8%

b) Income Tax (including Federal and Provincial Income Tax) is 22% of gross pay

c) Each employee pays $10 per week for medical insurance.

 

20) Using the Payroll Register below, produce the General Journal entry to record the payroll for the week ending November 22, 2012.

 

Gross Income              Department

EmployeePay TaxCPPEINetOfficeSales

Simone80017636.2714.40573.33800

George. 70010531.3212.60551.08700

Tanya 600 9026.3710.80472.83600

Steve700     105    31.32    12.60   551.08    700      

2,80047615.2750.402,148.331,5001,300

 

21) Using the following information, compute this week's take home pay and deductions for each employee. Use an Income Tax rate of 15% for Letitia and Paulo; an Income Tax rate of 22% for Steve and Catriona.

 

EarningsEarningsMedical

EmployeeYTDthis WeekPremiums

Letitia20,00080010

Paulo16,00040010

Steve36,00090010

Catriona43,0001,0750

 

22) Why are more companies using software programs to complete their payroll?

 

23) The employees collectively earn a gross wage of $85,000 for the pay period. But the employer says that they cost $92,000. Discuss the discrepancy.