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Macier Company completed the salary and wage payroll for March. The payroll...

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Accounting

Macier Company completed the salary and wage payroll for March. The payroll provided the following details:

Salaries and wages earned $ 240,000
Employee income taxes withheld 51,200
Canada Pension Plan 3,000
Employment Insurance 850

Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labour cost for the company. TIP: Employer CPP equals employee CPP. Employer EI equals 1.4 times employee EI.

2. Prepare the journal entry to record the payroll for March, including employee deductions but excluding employer payroll taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
3. Prepare the journal entry to record the employers CPP and EI contributions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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