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Williams Inc

Question 39

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Williams Inc. has collected payroll data for the most recent weekly pay period.
Williams Inc. has collected payroll data for the most recent weekly pay period. 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 EI 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. *Note that K.Frank would have already paid the maximum CPP and EI for the year. 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 EI 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.
Williams Inc. has collected payroll data for the most recent weekly pay period. 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 EI 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. *Note that K.Frank would have already paid the maximum CPP and EI for the year.
*Note that K.Frank would have already paid the maximum CPP and EI for the year.

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