Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records: Employees Names Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Earnings to Weekly End of Income Gross Pay Previous Week Taxes $ 740 $ 12,510 $ 109.15 630 10,560 82.31 850 15, 780 135.44 Health Insurance Deductions $ 25.00 25.00 24.00 29,740 1,720 $ 3,940 437.64 $ 764.54 25.00 $ 99.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places.) Gross Pay $ 740.00 Premium Deductions Income CPP Taxes $ 109.15 Total Deductions Net Pay Health Insurance $ 25.00 25.00 630.00 Employee Hellen Craig Joseph Lim Dino Patelli Sharleen McFee Totals 82.31 135.44 850.00 24.00 1,720.00 $ 3,940.00 $ 437.64 0.00 $ 764.54 25.00 99.00 $ S 0.00 $ 0.00 $ 0.00 2. Prepare a General Journal entry to record the payroll. Assume all employees work in the office. (Round the final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the entry for payroll. Note: Enter debits before credits. Date General Journal Debit Credit March 09 Record entry Clear entry View general journal
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!