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Harold Munster earned $2,400 in wages and $650 in sales commissions for the month of November. Harold's payroll deductions include

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 Harold Munster earned $2,400 in wages and $650 in sales commissions for the month of November. Harold's payroll deductions include income tax of 15 percent, Canada Pension of 4.95 percent on earnings and Employment Insurance of 1.83 percent on earnings.

 

Prepare the journal entries to record the payroll and the payroll taxes imposed on Harold Munster. Explanations are not required and ignore the annual exemption for the CPP calculation.

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Income Tax Fundamentals 2013

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: September 16, 2023 23:14:25
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