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Prepare the journal entries for the employee

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Problem - Pharoah Enterprises' payroll for the month of March, 2020 is shown below.

Salaries and Wages for the month of March 2020 $208,000

Income Taxes withheld from employees 46,044

El withheld from employees 1.66%

CPP withheld from employees 4.95%

Union dues withheld from employees 20,327

Prepare the journal entries for the employee and employer portion related to payroll costs. Also, prepare the journal entries to record the remittance of the March payroll deductions to the Receiver General for Canada and to the union. (Hint: The employer's CPP share is the same as the employee's share, and the employer's El share is 1.4 times that of the employee.)

Reference no: EM132824346

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