The payroll of Flounder Corp. for September 2017 is as follows. Total payroll was S560,000...
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The payroll of Flounder Corp. for September 2017 is as follows. Total payroll was S560,000 Pensionable CPP and insurable El earnings were410,000. Income taxes in the amount of $90,000 were withheld, as were $8,800 in union dues. The Employment Insurance tax rate was 1.88% for employees and 2.632% for employers, and the CPP rate was 4.95% for employees and 4.95% for employers. Prepare the necessary journal entries to record the payroll if the salaries and wages paid and the employer payroll taxes are recorded separately. (Round answers to 0 decimal places, e.g. 5,275. Credit account title are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record the salaries and wages paid and the employee payroll deductions) (To record employer contributions)
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