Jim is handling the payroll of his 15 full-time employees. As Jim allocates the work, he knows the hours that his employees have worked, and he records the data daily in a spreadsheet. At the end of the week, he uses the online calculator at Canada Revenue Agency’s (CRA) website to calculate the gross pay and deductions. He then records this information in his spreadsheet. He uses a second spreadsheet to calculate the required remittances which he sends to the CRA every month. He then writes cheques and personally delivers them to his employees.
Required:
Whast are the advantages and disadvantages of the methods that Jim uses to calculate payroll? What other low-cost alternatives are available to him?