Williams Inc. has collected payroll data for the most recent weekly pay period. Employee Reg. Hours...

  

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Williams Inc. has collected payroll data for the most recent weekly pay period. Employee Reg. Hours Overtime Pay Rate Hours Tax Cumulative Contribution Withheld Earning to Plan End of Prior Period R. Doll 35 4 22.40 50.00 186.25 9,500.00 F. Fillip J. Sweeny 40 K. Frank S. Wong CPP is 4.95% on the annual pensionable earnings of $50,100 ($55,900 maximum with the first $3,500 exempt), matched by the employer, and El is 1.66% to a maximum of $51,700 annually, with the employer paying 1.4 times the employees' contributions. Williams' pension plan allows the employee to make designated contributions which are matched by the company. F.Fillip is an administrative employee, and the other employees are shop workers. Employees are paid time and a half for any overtime work. Prepare the journal entries to record:(a) The payroll accrual.(b) The employer payroll tax expense.(c) The employees' fringe benefits. Salary 2,220.00 125.00 400.00 39,000.00 13.00 23.00 17,250.00 90.00 180.00 30 9. 16.00 50.00 53,000.00 14,120.00 35 11.00 31.00 130.00 (Salary x 0.0495) СР (Salary x 0.0166) El Deduction Salary 918.40 R. Doll 45.46 15.25 36.52 2,200.00 617.50 624.00 108.90 F. Filip J. Sweeny 30.57 10.25 K. Frank Exempt 10.36 S. Wong 533.50 26.41 8.86 Total 4,893.40 211.34 81.23 *Note that K.Frank would have already paid the maximum CPP and El for the year. Williams Inc. has collected payroll data for the most recent weekly pay period. Employee Reg. Hours Overtime Pay Rate Hours Tax Cumulative Contribution Withheld Earning to Plan End of Prior Period R. Doll 35 4 22.40 50.00 186.25 9,500.00 F. Fillip J. Sweeny 40 K. Frank S. Wong CPP is 4.95% on the annual pensionable earnings of $50,100 ($55,900 maximum with the first $3,500 exempt), matched by the employer, and El is 1.66% to a maximum of $51,700 annually, with the employer paying 1.4 times the employees' contributions. Williams' pension plan allows the employee to make designated contributions which are matched by the company. F.Fillip is an administrative employee, and the other employees are shop workers. Employees are paid time and a half for any overtime work. Prepare the journal entries to record:(a) The payroll accrual.(b) The employer payroll tax expense.(c) The employees' fringe benefits. Salary 2,220.00 125.00 400.00 39,000.00 13.00 23.00 17,250.00 90.00 180.00 30 9. 16.00 50.00 53,000.00 14,120.00 35 11.00 31.00 130.00 (Salary x 0.0495) СР (Salary x 0.0166) El Deduction Salary 918.40 R. Doll 45.46 15.25 36.52 2,200.00 617.50 624.00 108.90 F. Filip J. Sweeny 30.57 10.25 K. Frank Exempt 10.36 S. Wong 533.50 26.41 8.86 Total 4,893.40 211.34 81.23 *Note that K.Frank would have already paid the maximum CPP and El for the year.

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AJ To calculate accrued payroll add together the different sources of liability for each employee Th... View the full answer