Macier Company completed the salary and wage payroll for March. The payroll...
70.2K
Verified Solution
Link Copied!
Question
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.)
Prev
Question25of27Total25of 27
Visit question mapNext
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!
