ch11 - Payroll Liabilities C H A P T E R 11 Learning...

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Payroll Liabilities C H A P T E R  11
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Learning Objectives 1. List the taxes and other items frequently withheld fro employees’ wages. 2. Make the calculations necessary to prepare a Payroll Register and prepare the entries to record and pay payroll liabilities. 3. Calculate the payroll costs levied on employers and prepare the entries to record the accrual and payment of these amounts. 4. Calculate and record employee fringe benefit costs and show the effect of these items on the total cost of employing labour. 5. Assignments:1)Pr11-1A pg597,2)Pr11-2A pg598,3)Pr11-3A pg598,4)Pr11-4A pg 598
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Tax is deducted based on wages earned and personal tax credits. There is no matching by the employer for this deduction.Pg 572-573 Employees’ Income Tax
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Statutory contribution requirements (as at January 1,2003) 4.95% of eligible earnings to maximum of $1,801.80 per year (maximum pensionable earnings $39,900). The first $3,500 of earnings are exempt from CPP. The employer matches employee contributions 1:1.Pg574 Canada Pension Plan (CPP)
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Statutory contribution requirements for employees (as at January 1,2003) 2.1% of insured earnings to a maximum of
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This note was uploaded on 08/22/2009 for the course ACCT 1101 taught by Professor Davescott during the Fall '05 term at Niagara College.

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ch11 - Payroll Liabilities C H A P T E R 11 Learning...

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