Refer to the payroll information in Starters 11-13, 11-14, and 11-15.
1. How much was the company's total salary expense for the week for Mike Klyn?
2. How much cash did Mike Klyn take home for his work?
3. How much did the employee pay this week for
a. Income tax?
b. CPP and EI?
4. How much expense did the employer have this week for
a. CPP and EI?
b. Benefits?
Starters 11-13
Mike Klyn is paid $840 for a 40-hour workweek and time and a half for hours worked above 40.
1. Compute Klyn's gross pay for working 50 hours during the first week of February.
2. Klyn is single, and his income tax withholding is 20 percent of total pay.
His only payroll deductions are taxes withheld, CPP of 4.95 percent, and EI of 1.88 percent. Compute Klyn's net pay for the week.
Starters 11-14
Return to the Mike Klyn payroll situation in Starter 11-13. Klyn's employer, Jones Golf Corp., pays all the standard payroll expenses plus benefits for employee pensions (5 percent of gross pay), BC health insurance ($60 per employee per month), and disability insurance ($8 per employee per month). Assume February has four pay periods.
Compute Jones Golf Corp.'s total expense of employing Mike Klyn for the 50 hours that he worked during the first week of February. Carry amounts to the nearest cent.
Starters 11-15
After solving Starters 11-13 and 11-14, journalize for Jones Golf Corp. the following expenses related to the employment of Mike Klyn on February 17:
a. Salary expense
b. Benefits
c. Employer payroll expenses
Round all amounts to the nearest cent.