General journal entry to record mary paycheque

Reference no: EM132756196

Question: Due to the lengthy process of evaluating and contracting a payroll service provider, your first task is to process Mary's $5,000 monthly pay request for March 2020. Mary enrolled in the Alberta Blue Cross extended health care plan which requires monthly payment of $135 (with ECI contributing half of the amount). This is Mary's first paycheque for 2020. Mary wants you to deduct taxes as if she will only claim her basic personal tax credit (i.e., Claim Code 1 on the TD1). You remember from your tax course that premiums paid by employer for private health services plans are not taxable.

a. Use the CRA Tax Calculator to determine Mary's net paycheque.

b. General journal entry to record Mary's paycheque. Do not forget that ECI is required to remit employer amounts for CPP and EI (Employer portion for CPP is equal to employee deductions and for EI is equal to 1.4 times the employee deductions).

Reference no: EM132756196

Questions Cloud

What should the target cost be : What is the generic strategy of Family Smallgoods Pty Ltd? Based on the generic strategy, is their approach to deal with a new competitor appropriate?

What is the variable costs per unit : The Junior League of Yadkinville, California, collected recipes from members and published a cookbook entitled Food for Everyone. The book will sell for $25.

What is the new stock price : As an investment analyst covering KO, you are tasked to setting a target price for the stock. Find the current stock price, earnings per share and P/E ratio.

Which are implication of the amount of impairment charges : In this answer says that Cisco's reported 4th quarter cost of sale of 2.6B which is very close to the amount of the 2.%B impairment charges taken.

General journal entry to record mary paycheque : Due to the lengthy process of evaluating and contracting a payroll service provider, your first task is to process Mary's $5,000 monthly pay request for March.

Determine the price of the bonds remaining to maturity : Twenty-five-year B -rated bonds of Parker Optical Company were initially issued at a 18 percent yield. After 10 years the bonds have been upgraded to Aa2.

What is the present value of these future benefits : What is the present value of these future benefits if a discount rate of 8 percent is applied? (Use a Financial calculator to arrive at the answers.

How the financial ratios of debt-to-assets would be useful : An example of a company that currently operates and describe how the financial ratios of debt-to-assets, times-earned-interest, and debt-to-equity would be.

Describe a multivariable function you might use : As a financial analyst, you manage people's portfolio of assets. Describe a multivariable function you might use and then maximize to do your work.

User Account

All Pages