2: Payroll Sections Week 1 Week 21 Remittance TOTAL Name: Instructor: Due Date: Marks 52 52 14 118 Your score The Small Company Next door As a book keeper for the "Small company next door LTD" your duties include doing the monthly payroll. The "Small company next door Ltd" employees 4 people. 4 of the employees are paid hourly and paid weekly. The 4 employees are paid the following hourly wage, which is based on length of service Name wage S. Ryan N. Lawless 5. Evans A. Raj $ 15.00 per hour $ 13.50 per hour $ 12.00 per hour $ 10.25 per hour Overtime is time and a half and starts after the 44 hours worked in a regular week The company has 4 pay periods a month. The company calculates what is owing to employees on the Friday of each week and then deposits the money into the employees accounts via direct debit on the following Monday. The company remits El and CPP collected on the 20th day of the month. CPP is calcuated at El is calcuated at Year 5.25% with a annual excemption of 1.58% $ 3,500.00 2020 2020 Or you may use the Tables in AME The employer is required to contribute a) 100% of the CPP premium b) 140% of the El premuim In order to determine the federal and provincial income, your company uses current 2020 Tax tables provided by the Canadian reveune agency, or the Payroll Online Calculator (POC). See link below Your task is to:- a) Calculate the net pay of each employee for the first 2 pay periods b) Complete all required payroll transactions for the first 2 pay period of the new year. to get the tax tables for income tax/cpp/ei Tables PDOC https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/t4032-payroll-deductions- tables.html https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-online- calculator-pdoc-payroll-tables-td1s.html All employees have filed for Claim code CC 1 Be sure to calculate regular time and overtime values separately and then add the results together for gross pay for each employee and if using the PR tables, ranges of pay are listed in such a way that the ending number for one range and the beginning number for the next range may be the same, say 2009. This means the first range actually ends at 2008.99, so it would be for less than 2009. Week 1 a) Complete the following table for the first week ending Friday 5th of January, using the following information Time summary sheet for week ending 5th Name S. Ryan N. Lawless S. Evans A. Raj Round wages to nearest whole $ Employee S. Ryan January Hours worked 34 50 28 47 Total Hours worked Regular hours Overtime Gross pay Federal Provincial Income Tax income tax CPP Net Pay N. Lawless S. Evans A. Raj Totals b) Complete the joumal entry on the Friday Jan 5th to accrue the wages owing and extra benefits due for all employees. Date Description DR CR c) Complete the journal entry to reflect the payment of wages to employees bank accounts on Monday 8th of Jan. Date Description DR Week 2 a) Complete the following table for the 2nd week ending Friday 12th of January, using the following information. Time summary sheet for week ending Name 5. Ryan N. Lawless 5. Evans A. Raj Round wages to nearest whole $ Employee S. Ryan N. Lawless S. Evans A. Raj Totals 12th January Hours worked 44 36 32 48 CR Total Hours worked Regular hours Federal Provincial Overtime Gross pay CPP Net Pay Income Tax income tax b) Complete the joumal entry on the Friday Jan 12th to accrue the wages owing and extra benefits due for all employees. Date Description DR CR c) Complete the journal entry to reflect the payment of wages to employees bank accounts on Monday 15th of Jan. Date Description DR CR Remittance on the 20th a) Create the appropriate journal entry to remitt all CPP and El collected, thus far, in the month of January. Date Description b) Remit all federal taxes collected, thus far, in the month of January. Date Description b) Remit all provincial taxes collected, thus far, in the month of January. Date Description DR CR DR CR DR CR