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

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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