Payroll is an area of a business that requires adequate internal controls to ensure that employees...
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Payroll is an area of a business that requires adequate internal controls to ensure that employees are paid properly on a timely basis and that abuse of business resources has not occurred in the process. Discuss five internal controls specifically related to payroll. AP-11A LO 27 Beverly earns a salary of $48,000 per year and is paid semi-monthly. Assuming her income tax rate is 21%, calculate her net pay for each semi-monthly pay period in 2019. AP-12A LO 23457 Tremolo Manufacturing has three employees who work on an hourly basis and are paid bi-weekly. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 18%. Each employee contributes a portion of their pay to the United Way. The employer pays the entire amount of the health care premium for the employees. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for the week ending August 23, 2019, is listed below. Employee Sing Ing Roc N. Role Hip Hopp Total Hours 80 78 75 Hourly Rate $12.50 14.00 13.50 United Way $5.00 7.00 4.00 Health Care $14.00 20.00 17.00 Payroll is an area of a business that requires adequate internal controls to ensure that employees are paid properly on a timely basis and that abuse of business resources has not occurred in the process. Discuss five internal controls specifically related to payroll. AP-11A LO 27 Beverly earns a salary of $48,000 per year and is paid semi-monthly. Assuming her income tax rate is 21%, calculate her net pay for each semi-monthly pay period in 2019. AP-12A LO 23457 Tremolo Manufacturing has three employees who work on an hourly basis and are paid bi-weekly. The current CPP rate is 5.1%, the current El rate is 1.62%, and the appropriate income tax rate is 18%. Each employee contributes a portion of their pay to the United Way. The employer pays the entire amount of the health care premium for the employees. Assume the employer contributes 100% toward CPP and 140% toward El. Payroll information for the week ending August 23, 2019, is listed below. Employee Sing Ing Roc N. Role Hip Hopp Total Hours 80 78 75 Hourly Rate $12.50 14.00 13.50 United Way $5.00 7.00 4.00 Health Care $14.00 20.00 17.00
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