What is the employer total expense

Assignment Help Financial Accounting
Reference no: EM133096583

Question - An employer has calculated the following amounts for an employee during the last week of February 2019.

Gross Wages

$1,400.00

Income Taxes

$322.00

Canada Pension Plan Contributions

$67.97

Employment Insurance Contributions

$22.68

Required -

a) Calculate the employee's net pay.

b) Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense?

c) Prepare the journal entries to record payroll for the employee and record the employer's contribution. Assume the employee was paid immediately.

Reference no: EM133096583

Questions Cloud

Endocrine System-Diabetes : What goes wrong with the feedback loop once the body can no longer keep it under control? What can Mr. Clark do to improve his lifestyle and health habits?
Gastroesopagel relex disease : Pathophysiology of the disease (disease manifestation like genetic, what happen in the disease) patient presentation.
Describe to audience characteristics of cancer cell : Describe to the audience the characteristics of a cancer cell. Explain the risk factors and/or causes of this cancer.
Prepare the journal entries for the April payroll : Prepare the journal entries for the April 14 payroll and the employer's portion of payroll. Employees will not be paid until next week
What is the employer total expense : Assuming the employer's contribution is 100% for Canada Pension Plan and 140% for Employment Insurance, what is the employer's total expense
Prepare a monthly flexible budget for the product : Question - SafeNow sells its main product, ergonomic mouse pads, for $11 each. Prepare a monthly flexible budget for the product
What is the amount of depreciation reported : On September 30, 2018, Submo Enterprises purchased a machine for $225,000. What is the amount of depreciation reported for 2019
What is gain or loss Rice will record related to this sale : On 7/1/2023 Rice Corp. sells the building for $300,000. Record the journal entry for this transaction. What is the gain or loss Rice will record related to sale
What is the amount of comprehensive income : Unrealized losses on securities held for sale amounted to $120,000. What is the amount of comprehensive income that will be reported by Clark

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the amount of goodwill that acme will record

Evaluation of potential acquisition, What is the amount of goodwill that Acme will record on its balance sheet as a result of this acquisition?

  What the land should be capitalized at

Miser received P6,000 for selling scrap when an existing building on the property was removed from the site. Based on facts, the land should be capitalized at?

  Determine the costs per equivalent unit

Assume that the company uses the weighted-average method. Determine the costs per equivalent unit for June for the first process.

  What is the portfolio beta

If you have a portfolio which contains equal proportions of these four stocks, what is the portfolio beta (to two decimal places)

  Which individual who invented double entry bookkeeping is

Which individual who invented double entry bookkeeping (which is based on the balance sheet equation) is? At the beginning of the year, net income should be

  Draft a one-half page memorandum to terrio

Company owner Abel Terrio has reviewed the 2011 financial statements you prepared for Jackson Company as accountant, and questions the $6,000 loss reported on sale of its investment in Blackhawk Co. common stock - Draft a one-half page memorandum t..

  Which of the statement describes the results of transactions

Hold the borrowed funds in their cash accounts. Which of the statements below best describes the results of these transactions?

  What gross profit of sale for the month of june was

Amortization on the truck and office equipment was calculated to be $500. The income tax rate is 10%. The gross profit as a % of sale for the month of june was

  Compare deductions for AGI and deductions from AGI

-Compare and contrast deductions for AGI and deductions from AGI (itemized deductions). Discuss whether the tax treatment for each taxpayer

  Find the amount of consolidated net income

Find the amount of consolidated net income and the income to be assigned to the noncontrolling shareholders of Gulfside and Paddock for 20x7

  Describe the standard-setting process for auditing

Describe the standard-setting process for auditing. How does this process differ from the standard-setting process for accounting?

  Congo express airways

The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd