Employee Salary Auto Benefit Worked Accounting Assignment Help

Assignment Task

Task:
Prepare the annual T4 summary for 2021. The amount of remittances for the year = $270,500 (Use the fill able PDF posted with the assignment), you will need to create a Salary Payroll Register first to summarize the salaries. Watch for employees that max out on their CPP and EI contributions. Use claim code 1, and Ontario Tax tables Prepare the annual T4’s for Employees 450 and 454. (Use the fill able PDF posted with the assignment)Prepare a Record of Employment for Employee 458, they are being laid off for shortage of work, return date is unknown. (Use the PDF posted with assignment or create your own excel version). Use a standard 40-hour week.Create an internal company checklist to be used when an employee is ending employment with the company. Calculate the amount of EHT that is due based on Total 2021 salaries. No wages are exempt. No formal reconciliation required, simply calculate the amount due. Prepare the journal entries to record the payroll expense in the general ledger for the company for the period ended January 9th, and January 23rd, 2021. No vacations pay to accrue or pay out. Prepare the journal entries to record the employer’s portion of payroll expenses for CPP, EI and WSIB in the general ledger for the company for the period ended January 9th and January 23rd, 2021. The WSIB Rate is 1.95. Prepare the journal entry to pay the source deductions (CPP, EI, and Federal & Provincial Income taxes) from January 2021 payroll that are due February 15th, 2021.

   
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