Bright Lights Corporation $($BLC$)$ is a private company that uses ASPE.

Below is a payroll table forr the company for the first week of July $2023.$

Name

R$.$ M

L$.$ Camp

J$.$ Gaunt

M$.$ Griff

Earnings to June $30/23$

$49,615$

$101,050$

$24,808$

$16,923$

Earnings for week of July

$231,154$

$2,350$

$577$

$769$

IncomeTax

$??$

El

$??$

UnionDues

$??$

The Employment Insurance $($El$)$ rate is $1\mathrm{.}63\%$ with an annual maximum employee contribution of $$1,002\mathrm{.}45.$ Employers contribute to El at $1\mathrm{.}4$ times the amount of the employee to a maximum of $$1,403\mathrm{.}43.$

The Canada Pension Plan $($CPP$)$ contribution rate is $5\mathrm{.}95\%$ for both employee and employer to an annual maximum of $$3,754\mathrm{.}45$ per employee.

Assume an income tax rate of $25\%$ for all employees. Union dues for BLC are $1\mathrm{.}6\%$ of earnings.

Required:

a$)$ Complete the above payroll table.

b$)$ Prepare the journal entries for both the one week of payroll and the employer's payroll tax expense.

Answer rating: 100% (QA)

a Completed Payroll Table Name Earnings to June 3023 Earnings for Week of July 223 Income Tax EI Uni... View the full answer