1. Prepare the Payroll Register (hint - begin by preparing each individual employee register and auto-add...

 

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1. Prepare the Payroll Register (hint - begin by preparing each individual employee register and auto-add all employees on a main payroll register sheet for the T4 summary). The schedule will calculate CPP & El for you. You must use the Online Payroll Calculator to calculate Income Taxes. For simplicity, assume each employee is CC1. Remember that the automobile benefit is taxable benefit, but non-cash and & not insurable for El purposes. Employees work Monday-Friday only each week. There is no overtime. Ignore holidays. 2. Prepare a Record of Employment for Employee 458, they are being laid off for shortage of work, return date is unknown. (Use the blank ROE posted in Week 11) 3. Prepare the annual T4 summary for 2023. The amount of remittances for the year = $270,500 (Use the online 'fillable' form from Week 12). 4. Prepare the annual T4's for Employees 450 and 451. (Use the online 'fillable' form from Week 12) 5. Create an internal company checklist to be used when an employee is ending employment with the company. Use suggested points as outlined in our text and the slides from Week 11. 6. Calculate the amount of EHT that is due based on Total 2023 salaries. No wages are exempt. No formal reconciliation is required, simply calculate the amount due. 7. Prepare the journal entries to record the payroll expense in the general ledger for the company for the two-week period ending January 21, 2023. 8. Prepare the journal entries to record the employer's portion of payroll expenses in the general ledger for the company for the two-week period ending January 21, 2023. The WSIB Rate is 1.52. 9. Prepare the journal entry to pay the source deductions from January 2023 payroll that are due February First Day Worked Last Day Bi-Weekly Worked Employee Salary (Non-Cash) Annual Auto Benefit 01-Jan-22 450 2,850.00 7,100.00 02-Mar-22 451 2,300.00 7,300.00 01-May-27 152 2.250.00 7.600.00 15th 2023. 9. Prepare the journal entry to pay the source deductions from January due February 15th 2023 payroll that are 2023. First Last Day Worked Day Worked Employee Bi-Weekly Salary (Non-Cash) Annual Auto Benefit 01-Jan-22 450 2,850.00 7,100.00 02-Mar-22 451 2,300.00 7,300.00 01-May-22 452 3,250.00 7,600.00 30-Jun-22 453 2,100.00 6,900.00 29-Aug-22 454 1,880.00 28-Oct-22 455 3,300.00 25-Dec-22 456 4,700.00 8,300.00 19-Feb-23 457 2,240.00 23-Apr-23 25-Nov-23 458 3,170.00 25-Jun-23 459 3,430.00 Pay Pay Period Period Start Finish Pay Date 25-Dec-22 7-Jan-23 12-Jan-23 08-Jan-23 21-Jan-23 26-Jan-23 22-Jan-23 04-Feb-23 09-Feb-23 05-Feb-23 18-Feb-23 23-Feb-23 19-Feb-23 04-Mar-23 09-Mar-23 05-Mar-23 18-Mar-23 23-Mar-23 19-Mar-23 01-Apr-23 06-Apr-23 02-Apr-23 15-Apr-23 20-Apr-23 29-Apr-23 16-Apr-23 30-Apr-23 13-May-23 18-May-23 04-May-23 14-May-23 27-May-23 01-Jun-23 28-May-23 10-Jun-23 15-Jun-23 11-Jun-23 24-Jun-23 29-Jun-23 25-Jun-23 08-Jul-23 13-Jul-23 9-Jul-23 22-Jul-23 27-Jul-23 23-Jul-23 05-Aug-23 10-Aug-23 06-Aug-23 19-Aug-23 24-Aug-23 20-Aug-23 02-Sep-23 07-Sep-23 03-Sep-23 16-Sep-23 21-Sep-23 17-Sep-23 30-Sep-23 05-Oct-23 01-Oct-23 14-Oct-23 19-Oct-23 15-Oct-23 28-Oct-23 02-Nov-23 29-Oct-23 11-Nov-23 16-Nov-23 12-Nov-23 25-Nov-23 30-Nov-23 26-Nov-23 09-Dec-23 14-Dec-23 10-Dec-23 23-Dec-23 28-Dec-23 1. Prepare the Payroll Register (hint - begin by preparing each individual employee register and auto-add all employees on a main payroll register sheet for the T4 summary). The schedule will calculate CPP & El for you. You must use the Online Payroll Calculator to calculate Income Taxes. For simplicity, assume each employee is CC1. Remember that the automobile benefit is taxable benefit, but non-cash and & not insurable for El purposes. Employees work Monday-Friday only each week. There is no overtime. Ignore holidays. 2. Prepare a Record of Employment for Employee 458, they are being laid off for shortage of work, return date is unknown. (Use the blank ROE posted in Week 11) 3. Prepare the annual T4 summary for 2023. The amount of remittances for the year = $270,500 (Use the online 'fillable' form from Week 12). 4. Prepare the annual T4's for Employees 450 and 451. (Use the online 'fillable' form from Week 12) 5. Create an internal company checklist to be used when an employee is ending employment with the company. Use suggested points as outlined in our text and the slides from Week 11. 6. Calculate the amount of EHT that is due based on Total 2023 salaries. No wages are exempt. No formal reconciliation is required, simply calculate the amount due. 7. Prepare the journal entries to record the payroll expense in the general ledger for the company for the two-week period ending January 21, 2023. 8. Prepare the journal entries to record the employer's portion of payroll expenses in the general ledger for the company for the two-week period ending January 21, 2023. The WSIB Rate is 1.52. 9. Prepare the journal entry to pay the source deductions from January 2023 payroll that are due February First Day Worked Last Day Bi-Weekly Worked Employee Salary (Non-Cash) Annual Auto Benefit 01-Jan-22 450 2,850.00 7,100.00 02-Mar-22 451 2,300.00 7,300.00 01-May-27 152 2.250.00 7.600.00 15th 2023. 9. Prepare the journal entry to pay the source deductions from January due February 15th 2023 payroll that are 2023. First Last Day Worked Day Worked Employee Bi-Weekly Salary (Non-Cash) Annual Auto Benefit 01-Jan-22 450 2,850.00 7,100.00 02-Mar-22 451 2,300.00 7,300.00 01-May-22 452 3,250.00 7,600.00 30-Jun-22 453 2,100.00 6,900.00 29-Aug-22 454 1,880.00 28-Oct-22 455 3,300.00 25-Dec-22 456 4,700.00 8,300.00 19-Feb-23 457 2,240.00 23-Apr-23 25-Nov-23 458 3,170.00 25-Jun-23 459 3,430.00 Pay Pay Period Period Start Finish Pay Date 25-Dec-22 7-Jan-23 12-Jan-23 08-Jan-23 21-Jan-23 26-Jan-23 22-Jan-23 04-Feb-23 09-Feb-23 05-Feb-23 18-Feb-23 23-Feb-23 19-Feb-23 04-Mar-23 09-Mar-23 05-Mar-23 18-Mar-23 23-Mar-23 19-Mar-23 01-Apr-23 06-Apr-23 02-Apr-23 15-Apr-23 20-Apr-23 29-Apr-23 16-Apr-23 30-Apr-23 13-May-23 18-May-23 04-May-23 14-May-23 27-May-23 01-Jun-23 28-May-23 10-Jun-23 15-Jun-23 11-Jun-23 24-Jun-23 29-Jun-23 25-Jun-23 08-Jul-23 13-Jul-23 9-Jul-23 22-Jul-23 27-Jul-23 23-Jul-23 05-Aug-23 10-Aug-23 06-Aug-23 19-Aug-23 24-Aug-23 20-Aug-23 02-Sep-23 07-Sep-23 03-Sep-23 16-Sep-23 21-Sep-23 17-Sep-23 30-Sep-23 05-Oct-23 01-Oct-23 14-Oct-23 19-Oct-23 15-Oct-23 28-Oct-23 02-Nov-23 29-Oct-23 11-Nov-23 16-Nov-23 12-Nov-23 25-Nov-23 30-Nov-23 26-Nov-23 09-Dec-23 14-Dec-23 10-Dec-23 23-Dec-23 28-Dec-23