Sure Value Hardware has four employees who are paid on an hourly basis, plus time and a half for hours worked in excess of 40 hours a week. Payroll data for the week ended March 14, 2014, follow:

Instructions
(a) Prepare a payroll register for the weekly payroll.
(b) Record the payroll on March 14 and the accrual of employee benefits expense. Assume the company accrues 4% for vacation pay.
(c) Record the payment of the payroll on March 14.
(d) Record the payment of employee benefits on April 15.
TAKING IT FURTHER
Does the owner of a proprietorship need to deduct CPP, EI, and income taxes on his or her drawings?

Transcribed Image Text:

Hourly Rate CPPEIIncome Taxd Way I. Dahl E Gualtieri G. Ho A. Israeli 37.5 42 $17.00 16.00 15.50 15.50 $29.22 30.72 31.96 34.26 $11.67 12.59 13.05 13.90 82.25 91.20 97.50 107.75 $ 7.50 8.00 5.00 0.00 46