INNOVATIONS company has three regular employees who are paid on monthly basis at the last day...

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INNOVATIONS company has three regular employees who are paid on monthly basis at the last day of each month. The following is the payroll register as of June 30th: Employee G. Still K. Von V. Reid Total Monthly Hours 160 180 120 Total O.T. Hours Pay Rate S/hr 20 20 32.59 0 18 Earnings Reg. O.T. Pay Pay 3200 0 5214.4 977.7 2160 0 11120 432 Gross Pay 3200 6192 2160 11552 Inc. Tax 20% CPP 5.95% EI 1.63% Union dues 112 216.72 75.6 404.32 Med Plan 150 300 100 550 Total Deds. Net Pay Required: 1. Calculate deductions as (Income tax @ 20%, CPP @ 5.95%, EI @ 1.63%) of gross pay to complete the payroll register above. 2. Prepare the general journal entry to accrue the employee payroll on June 30th 3. Prepare the general journal entry to record the employer payroll tax expense for June 30th. 4. Record June 30th employer's benefit liability for the Medical Insurance Benefit plan of employees (the employer matches the employees' premiums as 1:1 - shared on 50% basis). 5. Record June 30th Employer's liability for 6% Vacation Pay. 6. Record payment of June mandatory deductions to the Receiver General - issued cheque #176 payable to the Receiver General on July 15th 7. Record payment of 2nd quarter medical insurance premiums (both employees and employer - shared on 50% basis) - issued cheque #198 payable to All Canadian Insurance Company on July 16th INNOVATIONS company has three regular employees who are paid on monthly basis at the last day of each month. The following is the payroll register as of June 30th: Employee G. Still K. Von V. Reid Total Monthly Hours 160 180 120 Total O.T. Hours Pay Rate S/hr 20 20 32.59 0 18 Earnings Reg. O.T. Pay Pay 3200 0 5214.4 977.7 2160 0 11120 432 Gross Pay 3200 6192 2160 11552 Inc. Tax 20% CPP 5.95% EI 1.63% Union dues 112 216.72 75.6 404.32 Med Plan 150 300 100 550 Total Deds. Net Pay Required: 1. Calculate deductions as (Income tax @ 20%, CPP @ 5.95%, EI @ 1.63%) of gross pay to complete the payroll register above. 2. Prepare the general journal entry to accrue the employee payroll on June 30th 3. Prepare the general journal entry to record the employer payroll tax expense for June 30th. 4. Record June 30th employer's benefit liability for the Medical Insurance Benefit plan of employees (the employer matches the employees' premiums as 1:1 - shared on 50% basis). 5. Record June 30th Employer's liability for 6% Vacation Pay. 6. Record payment of June mandatory deductions to the Receiver General - issued cheque #176 payable to the Receiver General on July 15th 7. Record payment of 2nd quarter medical insurance premiums (both employees and employer - shared on 50% basis) - issued cheque #198 payable to All Canadian Insurance Company on July 16th

Answer rating: 100% (QA)

To answer the first part of the question which is to calculate the deductions for Income tax CPP and ... View the full answer