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5. Andrew makes $40,000 per year and gets paid twice a month. Calculate his take-home...

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Accounting

5. Andrew makes $40,000 per year and gets paid twice a month. Calculate his take-home pay for one paycheck ( a tax rate of 20%) on June 30. Label all payroll deductions and show your calculations. Make journal entries for both the employee and employer payroll contributions for the June 30th payroll cycle. On July 14th, the bookstore remits payroll to the CRA for the entire month of June. Make the necessary journal entry/entries.

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