Question: Can someone help me answer my assignment in Payroll Accounting. Please and Thank you You have hired a new employee Bill Simpson as a junior

Can someone help me answer my assignment in Payroll Accounting. Please and Thank you

Can someone help me answer my assignment in
You have hired a new employee Bill Simpson as a junior accountant to work for your company Accounting Universe. The address of your company is Accounting Universe, PO BOX 1915 Calgary High Avenue AB - T4T Z41 Due to a tough economy, it was very difficult to hire talented staff. You, therefore, offered Bill a signing bonus of $1000 that will be handed to him in January's paycheque. bill will be paid a salary of $60,000/year. He will be paid once a month at the end of each month. Bill is located at 789 Vista view heights, Calgary AB T4T56Z. His SIN Number is 123455778. Your payroll account number with CRA is 456897589RP0001 Required: Use the payroll calculator from CRA's website to calculate EI, CPP, and Income taxes to withhold from each pay cheque from Jan 2021- to Dec 2021. Use claim code 1 for federal and provincial TD1 for calculating income taxes. Create a spreadsheet to track EI, CPP, and Payroll Tax withheld each month. Be sure to include columns in your spreadsheet for the employer's portion of El and CPP CPP match is 1:1 (Employer: Employee) . El match is 1.4:1 (Employer: Employee) Complete the T4SUM for Bill. Assume that the total remittance you paid to CRA during 2021 was $26,000 Complete the T4 slip for Bill What are the consequences if you miss your remittance deadline each month? How much would that equate to each month? Hand-in: Payroll calculator output for Jan 2021, Feb 2021, and Mar 2021 Completed excel workbook T4SUM printout T4 return printout Explain implications

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!