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a) Sandra works in British Columbia and is paid on a semi-monthly basis. She has a claim code of 1 on both her TD1 and TD1BC. She has the following type of earnings, benefits & deductions. She will not max out on CPP or EI this pay and will have full deductions. Please use 2019 rates for your calculation and show not only the deduction value but also the pensionable, insurable and taxable amounts on which they were based. 

i) Regular $3200

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ii) Holiday Pay $250

iii) Group Life – Employer paid Taxable benefit $15

iv) Employee RRSP contribution $200

Her employee matches her EI at a non-reduced rate (1.4) and additionally pays employer health tax at a rate of 1.95%. The pay ending is July 31st and all amounts will be paid to third parties for the month. The monthly amounts will be exactly double for month end reporting purposes. 

Calculate gross to net, employee premiums and record all applicable accounting entries in the tables below:

Journal Entry #4786

Date: July 31, 2019

Account   Name

Account   No. 

Debit

Credit   

Regular   Pay 

30000-601

Holiday   Pay

30000-602

CPP   Contributions Payable 

20000-203

EI   Premiums Payable

20000-205

Federal   Income Tax Payable

20000-206

Provincial   Income Tax Payable 

20000-206

RRSP   Payable 

20000-210

Payroll   Clearing (Net Pay) 

20000-218

Total

To record wages expense for   pay period July 31, 2019.

Journal Entry #4787

Date: July 31, 2019

Account   Name

Account No. 

Debit

Credit   

Payroll   Clearing (Net Pay) 

20000-218

Payroll   Cash

10000-100

Total

To   record payment to employees for pay period ending July 31, 2019

Journal Entry #4788

Date: July 31, 2019

Account Name

Account No. 

Debit

Credit 

CPP Employer

30000-610

EI Employer

30000-611

Group Life

30000-301

British Columbia – EHT

30000-450

CPP Contributions Payable 

20000-203

EI Premiums Payable

20000-205

Group Life Payable

20000-223

EHT Accrual

20000-225

Total

To record employer’s portion of CPP Contributions,   EI Premiums, EHT and Group Life Expenses for pay period ending July 31, 2019

Journal   Entry #4789

Date: July 31, 2019

Account   Name

Account   No. 

Debit

Credit   

CPP   Contributions Payable 

20000-203

EI   Premiums Payable

20000-205

Federal   Income Tax Payable

20000-206

Provincial   Income Tax Payable 

20000-206

Group   Life Payable

20000-223

EHT   Accrual

20000-225

RRSP   Payable 

20000-210

Payroll   Cash

10000-100

Total

To record remitting to third   parties for the month ending Date: July   31, 2019

· Include a cover page with the course code and course name, the assignment number, the title of your assignment, your student ID, your name, the instructor’s name, and the date the assignment is created.

· Font should be either Calibri or Arial, 11pt. Text must be double spaced but table may be single spaced.

· You must cite all your sources of information using APA formatting. 

· Create a separate reference page that lists all of your sources that you have cited in text. Sources include software used. Also, personal communications from a professional in the field count as a reference source. For citation and referencing examples, see https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.html

Assignment 5 – Pay Cycle Process – 20%

This assignment relates to the following Course Learning Requirements:

CLR 1: Maintain payroll records for organizations

CLR 2: Describe Canadian federal and provincial labour and employment standards as they apply to employers.

CLR 3: Calculate pay for various types of employees

CLR 4: Record the payroll transaction in the accounting system.

CLR 6: Summarize transaction information in order to complete remittance documents for HST, GST and QST amounts

owing.

Objective of this Assignment:

To assess the learner’s knowledge of the entire pay cycle process and what is involved.

Pre-Assignment Instructions:

1. Read Chapters 3, 4, 5, 6, 7, 8 & 10 of the text

2. Review modules 3-10 & 13

3. Completion of learning activities from modules 3-10 & 13

Assignment Tasks:

1) Complete the entire pay cycle process by calculating gross to net pay, employer premium amounts and complete required accounting entries.

a) Sandra works in British Columbia and is paid on a semi-monthly basis. She has a claim code of 1 on both her TD1 and TD1BC. She has the following type of earnings, benefits & deductions. She will not max out on CPP or EI this pay and will have full deductions. Please use 2019 rates for your calculation and show not only the deduction value but also the pensionable, insurable and taxable amounts on which they were based.

i) Regular $3200

ii) Holiday Pay $250

iii) Group Life – Employer paid Taxable benefit $15

iv) Employee RRSP contribution $200

Her employee matches her EI at a non-reduced rate (1.4) and additionally pays employer health tax at a rate of 1.95%. The pay ending is July 31st and all amounts will be paid to third parties for the month. The monthly amounts will be exactly double for month end reporting purposes.

Calculate gross to net, employee premiums and record all applicable accounting entries in the tables below:

Journal Entry #4786Date: July 31, 2019
Account NameAccount No.DebitCredit
Regular Pay30000-601
Holiday Pay30000-602
CPP Contributions Payable20000-203
EI Premiums Payable20000-205
Federal Income Tax Payable20000-206
Provincial Income Tax Payable20000-206
RRSP Payable20000-210
Payroll Clearing (Net Pay)20000-218
Total
To record wages expense for pay period July 31, 2019.
Journal Entry #4787Date: July 31, 2019
Account NameAccount No.DebitCredit
Payroll Clearing (Net Pay)20000-218
Payroll Cash10000-100
Total
To record payment to employees for pay period ending July 31, 2019
Journal Entry #4788Date: July 31, 2019
Account NameAccount No.DebitCredit
CPP Employer30000-610
EI Employer30000-611
Group Life30000-301
British Columbia – EHT30000-450
CPP Contributions Payable20000-203
EI Premiums Payable20000-205
Group Life Payable20000-223
EHT Accrual20000-225
Total
To record employer’s portion of CPP Contributions, EI Premiums, EHT and Group Life Expenses for pay period ending July 31, 2019
Journal Entry #4789Date: July 31, 2019
Account NameAccount No.DebitCredit
CPP Contributions Payable20000-203
EI Premiums Payable20000-205
Federal Income Tax Payable20000-206
Provincial Income Tax Payable20000-206
Group Life Payable20000-223
EHT Accrual20000-225
RRSP Payable20000-210
Payroll Cash10000-100
Total
To record remitting to third parties for the month ending Date: July 31, 2019

· Include a cover page with the course code and course name, the assignment number, the title of your assignment, your student ID, your name, the instructor’s name, and the date the assignment is created.

· Font should be either Calibri or Arial, 11pt. Text must be double spaced but table may be single spaced.

· You must cite all your sources of information using APA formatting.

· Create a separate reference page that lists all of your sources that you have cited in text. Sources include software used. Also, personal communications from a professional in the field count as a reference source. For citation and referencing examples, see https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_formatting_and_style_guide/general_format.html

Assignment Grading Rubric

Gross to Net – 10 Points

1 Point Taxable income

1 Point Insurable income

1 Point Pensionable income

1 Point Federal tax

1 Point Provincial

1 Point CPP deduction

1 Point EI deduction

1 Point Gross earnings

1 Point Total Deductions

1 Point Net Pay

Employer amounts – 3 Points

1 Point CPP Employer Match

1 Point EI Employer Match

1 Point EHT

Accounting – 7 Points

2 Points

Journal Entry #4786Date: July 31, 2019
Account NameAccount No.DebitCredit
Regular Pay30000-601
Holiday Pay30000-602
CPP Contributions Payable20000-203
EI Premiums Payable20000-205
Federal Income Tax Payable20000-206
Provincial Income Tax Payable20000-206
RRSP Payable20000-210
Payroll Clearing (Net Pay)20000-218
Total
To record wages expense for pay period July 31, 2019.

1 Point

Journal Entry #4787Date: July 31, 2019
Account NameAccount No.DebitCredit
Payroll Clearing (Net Pay)20000-218
Payroll Cash10000-100
Total
To record payment to employees for pay period ending July 31, 2019

2 Points

Journal Entry #4788Date: July 31, 2019
Account NameAccount No.DebitCredit
CPP Employer30000-610
EI Employer30000-611
Group Life30000-301
British Columbia – EHT30000-450
CPP Contributions Payable20000-203
EI Premiums Payable20000-205
Group Life Payable20000-223
EHT Accrual20000-225
Total
To record employer’s portion of CPP Contributions, EI Premiums, EHT and Group Life Expenses for pay period ending July 31, 2019

2 Points

Journal Entry #4789Date: July 31, 2019
Account NameAccount No.DebitCredit
CPP Contributions Payable20000-203
EI Premiums Payable20000-205
Federal Income Tax Payable20000-206
Provincial Income Tax Payable20000-206
Group Life Payable20000-223
EHT Accrual20000-225
RRSP Payable20000-210
Payroll Cash10000-100
Total
To record remitting to third parties for the month ending Date: July 31, 2019

7

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