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:
Marianne Saul 40,000800Sales
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
Tanya 600 9026.3710.80472.83600
Steve700 105 31.32 12.60 551.08 700
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.
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.