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© 2013 McGraw-Hill Ryerson Limited. The entry to record the employer’s portion of CPP and EI for textbook Exhibit A.2 is: EI expense (1.4 x $65.22) 91.31 CPP (or QPP) expense 156.43 EI payable 91.31 CPP (or QPP) payable 156.43 Payroll Deductions Required of the Employer LO 3 1
© 2013 McGraw-Hill Ryerson Limited. The employees’ deductions and the employer’s portion are liabilities that must be remitted to the Receiver General. After recording the payroll, the payroll liability balances would be: EI PayableCPP (or QPP) Payable 65.22*156.43* 91.31**156.43** 156.53312.86 Hospital Ins. Payable Employees’ Inc. Tax Pay. 120.00*478.55* * Employees’ contribution **Employer’s contribution Paying the Payroll Deductions LO 3 2
© 2013 McGraw-Hill Ryerson Limited. The entry to record the remittance to the Receiver General would be: EI Payable 156.53 Employees’ Income Tax Payable478.55 CPP (or QPP) Payable312.86 Cash947.94 EI PayableCPP (or QPP) Payable 65.22156.43 91.31156.43 156.53312.86 Hospital Ins. Payable Employee Inc. Tax Pay. 120.00478.55 Paying the Payroll Deductions LO 3 3
© 2013 McGraw-Hill Ryerson Limited. The entry to record the remittance for the hospital insurance premiums deducted would be: Employees’ Hospital Insurance Payable 120.00 Cash120.00 Hospital Ins. Payable 120.00 Paying the Payroll Deductions LO 3 4
Payroll Liabilities C H A P T E R 11 © 2007 McGraw-Hill Ryerson Ltd. Electronic Presentations in Microsoft® PowerPoint®
Payroll Liabilities PowerPoint Slides to accompany Fundamental Accounting Principles, 14ce Prepared by Joe Pidutti, Durham College Appendix 1 © 2013 McGraw-Hill.
Learning Objectives Understand the Business – LO1 Explain the role of liabilities in financing a business. Study the accounting methods – LO2 Explain how.
DETERMINING AND PAYING THE PAYROLL Determining the payroll involves calculating 1. gross earnings, 2.payroll deductions, and 3. net pay.
Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Employers are legally required to make tax deposits on time.
LESSON 13-1 RECORDING A PAYROLL. Forms of Payroll Information Payroll Register and Employee Earnings Record Journal entries to record payroll and employer.
Financial Accounting Dave Ludwick, P.Eng, MBA, PMP Module 10 Payroll Liabilities.
PAYROLL ACCOUNTS Account NameClassification Normal Balance Increase Side Decrease Side Salaries ExpenseExpenseDR CR Payroll Tax ExpenseExpenseDR CR Social.
0 Glencoe Accounting Unit 3 Chapter 13 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 3 Accounting for a Payroll System Chapter.
Journalizing Payroll Review. Lesson 13-1 Source of amounts for payroll journal transaction.
Financial Accounting Dave Ludwick, P.Eng, MBA, PMP, PhD Chapter 11 Payroll Liabilities.
Chapter 10 Reporting and Interpreting Liabilities 1© McGraw-Hill Ryerson. All rights reserved.
Copyright © 2007 Prentice-Hall. All rights reserved 1 Current Liabilities and Payroll Chapter 11.
Payroll Liabilities and Tax Records Making Accounting Relevant Federal, state, and local governments pass tax laws in order to generate revenue for government.
© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Analyze a payroll transaction. LO2.
Payroll Liabilities and Tax Records Chapter 13. Analyzing and Journalizing the Payroll When a business has more than a couple employees, it typically.
Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Employers are legally required to make tax deposits on time and.
© South-Western Educational Publishing PAYROLL REGISTER Lesson 14-1, page 340.
Ch13-2 Review Problems. Section 3Tax Liability Payments and Tax Reports What You’ll Learn How to pay payroll tax liabilities. Which tax reports.
CHAPTER 11 Payroll and Short-Term Liabilities A current liability is a debt that can reasonably be expected to be paid 1. from existing current assets.
Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved
PowerPoint® Slides to accompany Basic Bookkeeping, Seventh Edition Prepared by JD Chazan CPA, CA National Taiwan University 10-1 Copyright © 2015 by Nelson.
Net income : Money you get after all deductions. (take home pay) Taxable income : income that can be taken by the government (federal or provincial)
1 McGraw-Hill Ryerson College Accounting First Canadian Edition Price Haddock Brock Hahn Reed.
PAYROLL LIABILITIES AND TAX RECORDS Chapter 13. Journalizing and Posting Payroll Salaries Expense – The expense account used to record employees’ earnings.
Learning Objective # 2 Illustrate how federal income taxes are computed by completing a federal income tax return. LO#2.
H-1. H-2 Learning Objectives Record the payroll for a pay period. 1 Record employer payroll taxes. 2 Discuss the objectives of internal control for payroll.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 9-3 Accrued Expenses Accrued interest expense. Recording payment of note at maturity.
Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 10 Employer Payroll Tax Reporting.
Chapter 13 Payroll Accounting, Taxes, and Reports.
Chapter Nine Accounting for Current Liabilities and Payroll McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Payroll Liabilities & Tax Records Chapter 13 Business Accounting.
11–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-3 Preparing Payroll Records.
Slide F 1. Slide F 2 Appendix F Payroll Accounting Learning Objectives After studying this chapter, you should be able to: 1.Compute and record the payroll.
H-1. H-2 Accounting in Action Learning Objectives After studying this chapter, you should be able to:  Compute and record the payroll for a pay period.
FINANCIAL ACCOUNTING A USER PERSPECTIVE Hoskin Fizzell Davidson Second Canadian Edition.
© South-Western Educational Publishing PAYROLL REGISTER Lesson 14-1, page 332.
Section 2Employer’s Payroll Taxes What You’ll Learn How to calculate the employer’s FICA taxes. How to calculate federal and state unemployment taxes.
Copyright 2006 Pearson Education Canada Inc. 8-1.
Source Document Deadlines Payroll Terms Grab Bag.
Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.
Payroll Applications. Contents Payslips Payslips Paycheck Paycheck Payroll professionals Payroll professionals Required Hardware Required Hardware Required.
CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 9-3 Accrued Expenses.
Accounting I Chapter 14 – Payroll Accounting, Taxes, & Reports.
TAXES RETURN!!! BECAUSE THERE IS STILL MORE TO LEARN ABOUT THEM…
Section 3Tax Liability Payments and Tax Reports What You’ll Learn How to pay payroll tax liabilities. Which tax reports are prepared and filed. What.
Payroll Computations, Records, and Payment Section 3: Recording Payroll Information Chapter 10 Section Objectives 7.Journalize payroll transactions.
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