Description I really need help in this Payroll Project for my accounts class. Hopefully someone on here knows what to do with this payroll assignment its fixed in Excel also. I have additional information and examples, I just don’t know how to do it. 3 attachmentsSlide 1 of 3attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview Employee #1 Change Row 4 and Row 11 Values for Each Employee Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Year to Date Total for the Year Regular Hours 0 0 0 0 0 0 x 1 1/2 x 2 0 0 0 0 0 0 0 0 0 0 0 0 Hours Paid 0 0 0 0 0 Wages 12.00 12.00 12.00 12.00 12.00 Other Earnings – Total Earnings 19,200.00 $ 19,200.00 $ 19,200.00 Taxable Benefits – Canada Pension Pension Plan – Union Dues 246.00 – Tax Deductible Taxable Amount Earnings 246.00 18,954.00 – Deduction – EI YTD Deduction YTD 950.00 288.00 950.00 288.00 950.00 288.00 950.00 288.00 950.00 288.00 – Income Tax Federal 1,613.00 – $ 1,440.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 $ 1,440.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 Income Tax Provincial 537.00 – Blue Cross – United Fund 12.00 – $ 537.00 $ 12.00 $ 537.00 $ 12.00 Life Insurance – Total Deductions 2,408.00 – Net Pay 16,792.00 – Employee #2 Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Year to Date Total for the Year Regular Hours 0 40 40 40 40 160 x 1 1/2 x 2 0 0 0 0 6 0 0 0 0 0 6 0 Hours Paid 40 46 40 40 166 Wages $ 12.00 $ 14.42 $ 14.42 $ 15.86 $ 15.86 Other Earnings $ – Total Taxable Earnings Benefits $ 439.64 $ 576.80 8.45 $ 706.58 8.45 $ 634.40 8.45 $ 634.40 8.45 $ 2,552.18 $ 33.80 $ 16,000.00 $ 18,552.18 Canada Pension Pension Union Plan Dues 1735 43.27 53 47.58 47.58 $ 191.43 $ – 0 0 0 0 0 Tax Deductible Amount 1735 43.27 53 47.58 47.58 $ 191.43 EI Taxable Earnings Deduction YTD Deduction $ (1,295.36) 1376 950 450 $ 541.98 27.2 977.2 9.12 $ 662.03 34.01 1011.2 11.16 $ 595.27 30.22 1041.4 10.02 $ 595.27 30.22 1071.7 10.02 $ 2,394.55 $ 121.65 $ 40.32 Income Tax YTD 288 297.1 308.3 318.3 328.3 Federal 4725 10.38 28.51 18.42 18.42 $ 75.73 $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 $ 1,391.43 $ 246.00 $ 1,071.65 $ 328.32 $ 1,688.73 Income Tax Blue Cross Provincial 1225 0 23.18 10 37.29 10 28.43 10 28.43 10 $ 117.33 $ 40.00 $ United Fund 36 0.75 0.75 0.75 0.75 3.00 $ 537.00 $ 12.00 $ 654.33 $ 15.00 Life Total Insurance Deductions Net Pay 0 9547 $ (9,547.00) 7 130.9 $ 445.90 7 181.72 $ 524.86 7 152.42 $ 481.98 7 152.42 $ 481.98 $ 28.00 $ 617.46 $ 1,934.72 Employee #3 Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Year to Date Total for the Year Regular Hours 0 0 0 0 0 0 x 1 1/2 x 2 0 0 0 0 0 0 0 0 0 0 0 0 Hours Paid 0 0 0 0 0 Wages $ 12.00 $ 12.00 $ 12.00 $ 12.00 $ 12.00 Other Earnings $ – Total Earnings $ $ $ $ $ $ $ 16,000.00 $ 16,000.00 Taxable Benefits 0 0 0 0 0 $ – Canada Pension Company Pension Plan Union Dues 0 0 0 0 0 $ – 0 0 0 0 0 $ – Tax Deductible Amount 0 0 0 0 0 $ – Taxable Earnings $ $ $ $ $ $ – Deduction 0 0 0 0 0 $ – EI YTD Deduction 950 0 950 0 950 0 950 0 950 0 $ – Income Tax YTD 288 288 288 288 288 Federal 0 0 0 0 0 $ – $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 Income Tax Provincial 0 0 0 0 0 $ $ Blue Cross United Fund 0 0 0 0 0 – 0 0 0 0 0 $ – $ 537.00 $ 12.00 $ 537.00 $ 12.00 Life Total Insurance Deductions Net Pay 0 0 $ 0 0 $ 0 0 $ 0 0 $ 0 0 $ $ $ $ – Employee #4 Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Year to Date Total for the Year Regular Hours 0 0 0 0 0 0 x 1 1/2 x 2 0 0 0 0 0 0 0 0 0 0 0 0 Hours Paid 0 0 0 0 0 Wages $ 12.00 $ 12.00 $ 12.00 $ 12.00 $ 12.00 Other Earnings $ – Total Earnings $ $ $ $ $ $ $ 16,000.00 $ 16,000.00 Taxable Benefits 0 0 0 0 0 $ – Canada Pension Pension Plan Union Dues 0 0 0 0 0 $ – 0 0 0 0 0 $ – Tax Deductible Amount 0 0 0 0 0 $ – Taxable Earnings $ $ $ $ $ $ – Deduction 0 0 0 0 0 $ – EI YTD Deduction 950 0 950 0 950 0 950 0 950 0 $ – Income Tax YTD 288 288 288 288 288 Federal 0 0 0 0 0 $ – $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 Income Tax Provincial 0 0 0 0 0 $ $ Blue Cross United Fund 0 0 0 0 0 – 0 0 0 0 0 $ – $ 537.00 $ 12.00 $ 537.00 $ 12.00 Life Total Insurance Deductions Net Pay 0 0 $ 0 0 $ 0 0 $ 0 0 $ 0 0 $ $ $ $ – Employee #5 Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Year to Date Total for the Year Regular Hours 0 0 0 0 0 0 x 1 1/2 x 2 0 0 0 0 0 0 0 0 0 0 0 0 Hours Paid 0 0 0 0 0 Wages $ 12.00 $ 12.00 $ 12.00 $ 12.00 $ 12.00 Other Earnings $ – Total Earnings $ $ $ $ $ $ $ 16,000.00 $ 16,000.00 Taxable Benefits 0 0 0 0 0 $ – Canada Pension Pension Plan Union Dues 0 0 0 0 0 $ – 0 0 0 0 0 $ – Tax Deductible Amount 0 0 0 0 0 $ – Taxable Earnings $ $ $ $ $ $ – Deduction 0 0 0 0 0 $ – EI YTD Deduction 950 0 950 0 950 0 950 0 950 0 $ – Income Tax YTD 288 288 288 288 288 Federal 0 0 0 0 0 $ – $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 Income Tax Provincial 0 0 0 0 0 $ $ Blue Cross United Fund 0 0 0 0 0 – 0 0 0 0 0 $ – $ 537.00 $ 12.00 $ 537.00 $ 12.00 Life Total Insurance Deductions Net Pay 0 0 $ 0 0 $ 0 0 $ 0 0 $ 0 0 $ $ $ $ – Employee #5 Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Year to Date Total for the Year Regular Hours 0 0 0 0 0 0 x 1 1/2 x 2 0 0 0 0 0 0 0 0 0 0 0 0 Hours Paid 0 0 0 0 0 Wages $ 12.00 $ 12.00 $ 12.00 $ 12.00 $ 12.00 Other Earnings $ – Total Earnings $ $ $ $ $ $ $ 16,000.00 $ 16,000.00 Taxable Benefits 0 0 0 0 0 $ – Canada Pension Pension Plan Union Dues 0 0 0 0 0 $ – 0 0 0 0 0 $ – Tax Deductible Amount 0 0 0 0 0 $ – Taxable Earnings $ $ $ $ $ $ – Deduction 0 0 0 0 0 $ – EI YTD Deduction 950 0 950 0 950 0 950 0 950 0 $ – Income Tax YTD 288 288 288 288 288 Federal 0 0 0 0 0 $ – $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 $ 1,200.00 $ 246.00 $ 950.00 $ 288.00 $ 1,613.00 Income Tax Provincial 0 0 0 0 0 $ $ Blue Cross United Fund 0 0 0 0 0 – 0 0 0 0 0 $ – $ 537.00 $ 12.00 $ 537.00 $ 12.00 Life Total Insurance Deductions Net Pay 0 0 $ 0 0 $ 0 0 $ 0 0 $ 0 0 $ $ $ $ – Employee #5 Time Period 4 Week Total Year to Date Total for the Year Regular Hours x 1 1/2 x 2 160 6 0 Hours Paid 166 Other Earnings Wages 0 0 Total Earnings 2552.18 $ 99,200.00 $ ######### Taxable Benefits 33.8 – Canada Pension Tax Pension Deductible Taxable Plan Union Dues Amount Earnings Deduction 191.43 0 191.43 2394.55 121.65 $ 7,440.00 $ 1,476.00 $ $ 7,631.43 $ 1,476.00 – $ – $ 5,700.00 $ $ 5,821.65 YTD – EI Deduction 0 40.32 Income Tax YTD 0 Federal 75.73 $ 1,728.00 $ – $ 9,678.00 $ 1,768.32 $ 9,753.73 Income Tax Provincial 117.33 $3,222.00 $ $3,339.33 Blue Cross 40 – United Fund Life Total Insurance Deductions 3 28 617.46 $ 72.00 $ $ 75.00 – $ – Net Pay 1934.72 $ – Payroll Project Please note: You are doing a weekly payroll for 4 weeks, based upon 4 weeks in December 2020. Please be sure to use December 2020 as the dates for the payroll for the online calculator or your amounts will be incorrect. o You will require: (You can get all of these online) – CRA’s website: http://www.cra-arc.gc.ca o Federal TD1s for each employee; Provincial TD1s for each employee; Federal TD1 worksheets for some employees; Provincial TD1 worksheets for some employees:: https://www.canada.ca/en/revenue-agency/services/forms-publications/td1-personal-tax-creditsreturns/td1-forms-pay-received-on-january-1-later.html (PLEASE MAKE SURE YOU USE THE FILLABLE PDFs.) o T4s for all employees o 1 T4 summary o Employers’ Guide to Payroll Deductions and Remittances o Employers’ Guide to Taxable Benefits o Employers’ Guide to Filing the T4 slips and Summary Complete the following steps IN ORDER: 1. Set up a shared folder in OneDrive. Share it with your partner and Cam. Make up a fictitious company name and address. 2. Decide who will do employees 1,3, and 5 and who will do employees 2,4, and 6. 3. Prepare Federal and Provincial TD1s (and worksheets where necessary) for all employees using fictitious names, addresses, dates of birth and Social Insurance Numbers. Keep the ages of your employees between 20 and 64. The TD1 information will be used to determine the “Claim Code” for each employee. This will be required for the online payroll calculator on the CRA website. 4. Download the Excel spreadsheet from SAM and save it in your shared folder for the project. Update all YTD .(Year to Date) for each employee. 5. Using the Excel spreadsheet prepare the payroll for 4 weeks and add total employee data for the 4 weeks and year to date. You will use the online calculator on CRA, and the information provided below to complete the spreadsheet. I would recommend doing the employees “one at a time” for all 4 weeks, so you don’t get the information mixed up. Remember, there will only be 1 spreadsheet submitted PER TEAM. The spreadsheet should be kept on the shared drive, until it is completed and submitted to the dropbox in SAM. Don’t create multiple copies – it will get confusing for you and your partner. 6. The YTD (Year to Date) information is “prior to” this 4 weeks of payroll 7. Prepare the final journal entry to record the 4 weeks of payroll (1 journal entry for the total of all employees) 8. Prepare the journal entry to record “employer” portions of deductions payable as a result of the 4 weeks of payroll (assume your year end is Dec 31, 2020). 9. Prepare the journal entry to record the payment of the deductions to Receiver General on the required date in January – for the 4 weeks of payroll in December 2020 (include both employee and employer contributions) 10. Prepare T4s and a T4 summary, given the information that you have available to you – assuming that you are at the end of the year. 11. Submit the final payroll spreadsheet to the Dropbox. Make sure that a copy of the spreadsheet, the TD1s, T4s, T4 summary and journal entries are in the Shared Folder for marking. Other Information: – The vehicles available to the employees are available 365 days of the year. Employee # 2 drives 3,640 kilometers for personal use and there is a total of 18,000 kilometers put on the car for the year (the YTD taxable benefit is $710). Employee # 4 drives 8,370 kilometers for personal use and there is a total of 24,000 kilometers put on the car for the year (the YTD taxable benefit is $3,920). Use the online calculator to determine the taxable benefit for these employees. When prompted in the online calculator – you will use the following settings: o They are automobiles “owned” by the employer o The employee was “not” eligible for a reduced standby charge in 2019 o Under “Operating Expenses”, answer “NO” to all questions, and leave the three boxes at the bottom empty, as they do not apply. Here is a screenshot: https://www.screencast.com/t/37zz60phk o Check the Taxable Benefits Chart in the Quick Reference Table and Activity Document in SAM to determine the “insurable or non-insurable” status, and whether you should include GST/HST in your calculations. Divide the total amount by 52 weeks to get the amount of taxable benefit per week to enter into the online calculator. – The YTD value of the rent-free apartment is $2,585. Payroll is weekly – 52 weeks per year. Assume 40 regular hours of pay per person per week At the beginning of week 3, Employee #6 filled in new TD1s and requested that an additional $30.00 federal tax be deducted each week The amount of remittances that were made for the year (including December) is $58.445.00, and your business number is RP0001 12689-9852 – Data for all Employees: (PLEASE NOTE – IF YOU ARE GIVEN INFORMATION, IT IS FOR A PURPOSE) Some information is for the TD1 – some of the information is used for calculations on the online calculator and entered directly into the spreadsheet. Employee Number Percentage Ownership Single Married Spouse’s Income Rate of Pay or Salary Education Deduction Available Tuition 5% raise starting in the 2nd week 10 % raise starting in the 3rd week Rent Free Apt valued at $58.75 per week Drives Company Car Valued at YTD Gross Pay YTD Insurable Earnings YTD EI Premiums YTD Pensionable Earnings YTD CPP Premiums YTD Federal Tax YTD Provincial Tax Blue Cross: Single $4.00, Married $10.00 United Fund YTD United Fund Union Dues (6.00 per week) 1 2 30 x $ 12/hr F/T-8 mo $5,000 x 3 4 50 x x $5,280 $30,000/yr $ 14/hr 5 6 x x $26,000 $55,000/yr $ 14/hr P/T-6mo $2,500 x x $4,000 $25,000/yr x x $19,200 $ 19,200 $288 $ 19,200 $950 $1,613 $537 x .25 $12 x $6,000 $27,798 $ 27,798 $ 450 $ 27,798 $1,376 $4,725 $1,225 x .75 $36 $27,475 $27,475 $270 $ 27,475 $1,360 $2,439 $811 x .50 $24 x $24,000 $47,475 $ 47,475 $2,475 $8,374 $4,576 x 3.00 $144 $19,192 $ 19,192 $220 $19,192 $950 $975 $325 x .85 $41 x $19,011 $ 19,011 $305 $ 19,011 $941 $5,012 $3,462 x .90 $43 YTD Union Dues Life Ins: Single $4.50, Married $7.00 Registered Pension Plan 7.5 % of gross wages YTD Registered Pension Plan Overtime hours @ 1.5 Overtime hours @ Double time $246 x x $1,200 2(wk 3) 3(wk 3) x x $1,735 6(wk2) $246 x x $1,125 x x $3,113 $246 x x $1,275 5.5 (wk1) x x $1688 Employee #1 Canada Pension Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Regular Hours 40.00 40.00 40.00 40.00 160.00 x 1.5 2.00 2.00 x2 3.00 3.00 Wages 12.00 12.60 12.60 12.60 Total for the Year Federal TD1 Provincial TD1PE Code 5 8 2018 Rates CPP EI Gross Pay $ 23,040.00 480.00 504.00 617.40 504.00 $ 2,105.40 Pension Taxable Plan Union Dues Earnings $ 1,792.50 $ 288.00 $ 20,959.50 36.00 6.00 438.00 37.80 6.00 460.20 46.31 6.00 565.10 37.80 6.00 460.20 $ 157.91 $ 24.00 $ 1,923.50 $ 25,145.40 $ 1,950.41 4.95% 1.66% $ 312.00 $ 22,883.00 Deduction $ 20.43 21.62 27.23 21.62 90.89 EI Income Tax YTD Deduction $ 980.00 $ 1,000.43 7.97 1,022.04 8.37 1,049.27 10.25 1,070.89 8.37 $ 34.95 YTD 380.00 387.97 396.33 406.58 414.95 Federal $ 50.00 1.15 4.24 18.85 4.24 $ 28.48 Human Fund Provincial Blue Cross $ 160.00 $ 192.00 $ 12.00 3.28 4.00 0.25 5.30 4.00 0.25 14.84 4.00 0.25 5.30 4.00 0.25 $ 28.72 $ 16.00 $ 1.00 Life Insurance $ 216.00 4.50 4.50 4.50 4.50 $ 18.00 Total Deductions $ 4,070.50 83.58 92.07 132.22 92.07 $ 399.95 Net Pay $ 18,969.50 396.42 411.93 485.18 411.93 $ 1,705.45 $ 1,070.89 414.95 $ $ 188.72 $ $ 4,470.45 $ 20,674.95 $ 78.48 $ 208.00 $ 13.00 234.00 Employee #2 Canada Pension Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Regular Hours 40.00 40.00 40.00 40.00 160.00 x 1.5 – x2 – Wages – Total for the Year Code Federal TD1 Provincial TD1PE 2018 Rates CPP EI Gross Pay $ $ – Pension Plan $ $ – Taxable Union Dues Earnings $ $ $ $ – $ $ $ – 4.95% 1.66% – – $ – Deduction YTD $ $ EI Deduction – – $ $ – Income Tax YTD $ – Federal $ $ – $ – $ – – Provincial $ $ – Human Blue Cross Fund $ $ $ $ – Life Insurance $ $ – Total Deductions $ $ – $ $ $ $ – – $ – – – Net Pay $ $ $ – Employee #3 Canada Pension Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Regular Hours 40.00 40.00 40.00 40.00 160.00 x 1.5 – x2 – Wages – Total for the Year Code Federal TD1 Provincial TD1PE 2018 Rates CPP EI Gross Pay $ $ – Pension Plan $ $ – Taxable Union Dues Earnings $ $ $ $ – $ $ $ – 4.95% 1.66% – – $ – Deduction YTD $ $ EI – Deduction $ $ – Income Tax YTD $ – Federal $ $ – $ – $ – – Human Fund Provincial Blue Cross $ $ $ $ $ $ – Life Insurance $ $ – Total Deductions $ $ – $ $ $ – $ – $ – – – Net Pay $ $ $ – Employee #4 Canada Pension Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Regular Hours 40.00 40.00 40.00 40.00 160.00 x 1.5 – x2 – Wages – Total for the Year Code Federal TD1 Provincial TD1PE 2018 Rates CPP EI Gross Pay $ $ – Pension Plan $ $ – Taxable Union Dues Earnings $ $ $ $ – $ $ $ – 4.95% 1.66% – – $ – Deduction YTD $ $ EI – Deduction $ $ – Income Tax YTD $ – Federal $ $ – $ – $ – – Human Fund Provincial Blue Cross $ $ $ $ $ $ – Life Insurance $ $ – Total Deductions $ $ – $ $ $ – $ – $ – – – Net Pay $ $ $ – Employee #5 Canada Pension Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Regular Hours 40.00 40.00 40.00 40.00 160.00 x 1.5 – x2 – Wages – Total for the Year Federal TD1 Provincial TD1PE Code 3 3 2018 Rates CPP EI Gross Pay $ $ – Pension Plan $ $ – Taxable Union Dues Earnings $ $ $ $ – $ $ $ – 4.95% 1.66% – – $ – Deduction YTD $ $ EI – Deduction $ $ – Income Tax YTD $ – Federal $ $ – $ – $ – – Provincial $ $ – Human Blue Cross Fund $ $ $ $ – Life Insurance $ $ – Total Deductions $ $ – $ $ $ $ – – $ – – – Net Pay $ $ $ – Employee #6 Canada Pension Time Period Year to Date Week 1 Week 2 Week 3 Week 4 4 Week Total Regular Hours 40.00 40.00 40.00 40.00 160.00 x 1.5 – x2 – Wages – Total for the Year Code Federal TD1 Provincial TD1PE 2018 Rates CPP EI Gross Pay $ $ – Pension Plan $ $ – Taxable Union Dues Earnings $ $ $ $ – $ $ $ – 4.95% 1.66% – – $ – Deduction YTD $ $ EI – Deduction $ $ – Income Tax YTD $ – Federal $ $ – $ – $ – – Provincial $ $ – Human Blue Cross Fund $ $ $ $ – Life Insurance $ $ – Total Deductions $ $ – $ $ $ $ – – $ – – – Net Pay $ $ $ – Totals Time Period 4 Week Total Year to Date Total for the Year CPP Taxable Gross Pay Pension Plan Union Dues Earnings Deduction $ 2,105.40 $ 157.91 $ 24.00 $ 1,923.50 $ 90.89 Deduction $ 34.95 Human Life Total Fund Insurance Deductions Federal Provincial Blue Cross Net Pay $ 28.48 $ 28.72 $ 16.00 $ 1.00 $ 18.00 $ 399.95 $ 1,705.45 $ 23,040.00 $ 1,792.50 $ 288.00 $ 20,959.50 $ 980.00 $ 380.00 $ 50.00 $ 160.00 $ 192.00 $ 12.00 $ 216.00 $ 4,070.50 $ 18,969.50 $ 25,145.40 $ 1,950.41 $ 312.00 $ 22,883.00 $ 1,070.89 $ 414.95 $ 78.48 $ 188.72 $ 208.00 $ 13.00 $ 234.00 $ 4,470.45 $ 20,674.95 $ 532.00 $ 980.00 EI Income Tax Purchase answer to see full attachment Tags: financial accounting pension plan Taxable earnings Union dues YTD User generated content is uploaded by users for the 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Description
I really need help in this Payroll Project for my accounts class. Hopefully someone on here knows what to do with this payroll assignment its fixed in Excel also. I have additional information and examples, I just don’t know how to do it.
3 attachmentsSlide 1 of 3attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3.slider-slide > img { width: 100%; display: block; }
.slider-slide > img:focus { margin: auto; }
Unformatted Attachment Preview
Employee #1
Change Row 4 and Row 11 Values for Each Employee
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Year to Date
Total for the Year
Regular
Hours
0
0
0
0
0
0
x 1 1/2 x 2
0
0
0
0
0
0
0
0
0
0
0
0
Hours
Paid
0
0
0
0
0
Wages
12.00
12.00
12.00
12.00
12.00
Other
Earnings
–
Total
Earnings
19,200.00
$ 19,200.00
$ 19,200.00
Taxable
Benefits
–
Canada Pension
Pension
Plan
–
Union
Dues
246.00
–
Tax
Deductible Taxable
Amount
Earnings
246.00 18,954.00
–
Deduction
–
EI
YTD Deduction YTD
950.00
288.00
950.00
288.00
950.00
288.00
950.00
288.00
950.00
288.00
–
Income Tax
Federal
1,613.00
–
$ 1,440.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
$ 1,440.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
Income Tax
Provincial
537.00
–
Blue
Cross
–
United
Fund
12.00
–
$ 537.00
$
12.00
$ 537.00
$
12.00
Life
Insurance
–
Total
Deductions
2,408.00
–
Net Pay
16,792.00
–
Employee #2
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Year to Date
Total for the Year
Regular
Hours
0
40
40
40
40
160
x 1 1/2 x 2
0
0
0
0
6
0
0
0
0
0
6
0
Hours
Paid
40
46
40
40
166
Wages
$ 12.00
$ 14.42
$ 14.42
$ 15.86
$ 15.86
Other
Earnings
$
–
Total
Taxable
Earnings
Benefits
$
439.64
$ 576.80
8.45
$ 706.58
8.45
$ 634.40
8.45
$ 634.40
8.45
$ 2,552.18 $
33.80
$ 16,000.00
$ 18,552.18
Canada Pension
Pension
Union
Plan
Dues
1735
43.27
53
47.58
47.58
$ 191.43 $
–
0
0
0
0
0
Tax
Deductible
Amount
1735
43.27
53
47.58
47.58
$ 191.43
EI
Taxable
Earnings
Deduction
YTD Deduction
$ (1,295.36)
1376
950
450
$ 541.98
27.2
977.2
9.12
$ 662.03
34.01 1011.2
11.16
$ 595.27
30.22 1041.4
10.02
$ 595.27
30.22 1071.7
10.02
$ 2,394.55 $ 121.65
$ 40.32
Income Tax
YTD
288
297.1
308.3
318.3
328.3
Federal
4725
10.38
28.51
18.42
18.42
$
75.73
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
$ 1,391.43 $ 246.00
$ 1,071.65
$ 328.32
$ 1,688.73
Income Tax
Blue
Cross
Provincial
1225
0
23.18
10
37.29
10
28.43
10
28.43
10
$ 117.33 $ 40.00 $
United
Fund
36
0.75
0.75
0.75
0.75
3.00
$ 537.00
$
12.00
$ 654.33
$
15.00
Life
Total
Insurance Deductions
Net Pay
0
9547 $ (9,547.00)
7
130.9 $
445.90
7
181.72 $
524.86
7
152.42 $
481.98
7
152.42 $
481.98
$
28.00 $ 617.46 $ 1,934.72
Employee #3
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Year to Date
Total for the Year
Regular
Hours
0
0
0
0
0
0
x 1 1/2 x 2
0
0
0
0
0
0
0
0
0
0
0
0
Hours
Paid
0
0
0
0
0
Wages
$ 12.00
$ 12.00
$ 12.00
$ 12.00
$ 12.00
Other
Earnings
$
–
Total
Earnings
$
$
$
$
$
$
$ 16,000.00
$ 16,000.00
Taxable
Benefits
0
0
0
0
0
$
–
Canada Pension
Company
Pension
Plan
Union
Dues
0
0
0
0
0
$
–
0
0
0
0
0
$
–
Tax
Deductible
Amount
0
0
0
0
0
$
–
Taxable
Earnings
$
$
$
$
$
$
–
Deduction
0
0
0
0
0
$
–
EI
YTD Deduction
950
0
950
0
950
0
950
0
950
0
$
–
Income Tax
YTD
288
288
288
288
288
Federal
0
0
0
0
0
$
–
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
Income Tax
Provincial
0
0
0
0
0
$
$
Blue
Cross
United
Fund
0
0
0
0
0
–
0
0
0
0
0
$
–
$ 537.00
$
12.00
$ 537.00
$
12.00
Life
Total
Insurance Deductions
Net Pay
0
0 $
0
0 $
0
0 $
0
0 $
0
0 $
$
$
$
–
Employee #4
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Year to Date
Total for the Year
Regular
Hours
0
0
0
0
0
0
x 1 1/2 x 2
0
0
0
0
0
0
0
0
0
0
0
0
Hours
Paid
0
0
0
0
0
Wages
$ 12.00
$ 12.00
$ 12.00
$ 12.00
$ 12.00
Other
Earnings
$
–
Total
Earnings
$
$
$
$
$
$
$ 16,000.00
$ 16,000.00
Taxable
Benefits
0
0
0
0
0
$
–
Canada Pension
Pension
Plan
Union
Dues
0
0
0
0
0
$
–
0
0
0
0
0
$
–
Tax
Deductible
Amount
0
0
0
0
0
$
–
Taxable
Earnings
$
$
$
$
$
$
–
Deduction
0
0
0
0
0
$
–
EI
YTD Deduction
950
0
950
0
950
0
950
0
950
0
$
–
Income Tax
YTD
288
288
288
288
288
Federal
0
0
0
0
0
$
–
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
Income Tax
Provincial
0
0
0
0
0
$
$
Blue
Cross
United
Fund
0
0
0
0
0
–
0
0
0
0
0
$
–
$ 537.00
$
12.00
$ 537.00
$
12.00
Life
Total
Insurance Deductions
Net Pay
0
0 $
0
0 $
0
0 $
0
0 $
0
0 $
$
$
$
–
Employee #5
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Year to Date
Total for the Year
Regular
Hours
0
0
0
0
0
0
x 1 1/2 x 2
0
0
0
0
0
0
0
0
0
0
0
0
Hours
Paid
0
0
0
0
0
Wages
$ 12.00
$ 12.00
$ 12.00
$ 12.00
$ 12.00
Other
Earnings
$
–
Total
Earnings
$
$
$
$
$
$
$ 16,000.00
$ 16,000.00
Taxable
Benefits
0
0
0
0
0
$
–
Canada Pension
Pension
Plan
Union
Dues
0
0
0
0
0
$
–
0
0
0
0
0
$
–
Tax
Deductible
Amount
0
0
0
0
0
$
–
Taxable
Earnings
$
$
$
$
$
$
–
Deduction
0
0
0
0
0
$
–
EI
YTD Deduction
950
0
950
0
950
0
950
0
950
0
$
–
Income Tax
YTD
288
288
288
288
288
Federal
0
0
0
0
0
$
–
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
Income Tax
Provincial
0
0
0
0
0
$
$
Blue
Cross
United
Fund
0
0
0
0
0
–
0
0
0
0
0
$
–
$ 537.00
$
12.00
$ 537.00
$
12.00
Life
Total
Insurance Deductions
Net Pay
0
0 $
0
0 $
0
0 $
0
0 $
0
0 $
$
$
$
–
Employee #5
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Year to Date
Total for the Year
Regular
Hours
0
0
0
0
0
0
x 1 1/2 x 2
0
0
0
0
0
0
0
0
0
0
0
0
Hours
Paid
0
0
0
0
0
Wages
$ 12.00
$ 12.00
$ 12.00
$ 12.00
$ 12.00
Other
Earnings
$
–
Total
Earnings
$
$
$
$
$
$
$ 16,000.00
$ 16,000.00
Taxable
Benefits
0
0
0
0
0
$
–
Canada Pension
Pension
Plan
Union
Dues
0
0
0
0
0
$
–
0
0
0
0
0
$
–
Tax
Deductible
Amount
0
0
0
0
0
$
–
Taxable
Earnings
$
$
$
$
$
$
–
Deduction
0
0
0
0
0
$
–
EI
YTD Deduction
950
0
950
0
950
0
950
0
950
0
$
–
Income Tax
YTD
288
288
288
288
288
Federal
0
0
0
0
0
$
–
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
$ 1,200.00 $ 246.00
$
950.00
$ 288.00
$ 1,613.00
Income Tax
Provincial
0
0
0
0
0
$
$
Blue
Cross
United
Fund
0
0
0
0
0
–
0
0
0
0
0
$
–
$ 537.00
$
12.00
$ 537.00
$
12.00
Life
Total
Insurance Deductions
Net Pay
0
0 $
0
0 $
0
0 $
0
0 $
0
0 $
$
$
$
–
Employee #5
Time Period
4 Week Total
Year to Date
Total for the Year
Regular
Hours
x 1 1/2 x 2
160
6
0
Hours
Paid
166
Other
Earnings
Wages
0
0
Total
Earnings
2552.18
$ 99,200.00 $
#########
Taxable
Benefits
33.8
–
Canada Pension
Tax
Pension
Deductible Taxable
Plan
Union Dues Amount
Earnings Deduction
191.43
0
191.43
2394.55
121.65
$ 7,440.00 $ 1,476.00 $
$ 7,631.43 $ 1,476.00
–
$
–
$ 5,700.00 $
$ 5,821.65
YTD
–
EI
Deduction
0
40.32
Income Tax
YTD
0
Federal
75.73
$ 1,728.00 $ –
$ 9,678.00
$ 1,768.32
$ 9,753.73
Income Tax
Provincial
117.33
$3,222.00 $
$3,339.33
Blue
Cross
40
–
United
Fund
Life
Total
Insurance Deductions
3
28
617.46
$
72.00 $
$
75.00
–
$
–
Net Pay
1934.72
$
–
Payroll Project
Please note: You are doing a weekly payroll for 4 weeks, based upon 4 weeks in December 2020. Please be sure to
use December 2020 as the dates for the payroll for the online calculator or your amounts will be incorrect.
o You will require: (You can get all of these online) – CRA’s website: http://www.cra-arc.gc.ca
o Federal TD1s for each employee; Provincial TD1s for each employee; Federal TD1 worksheets for some employees; Provincial TD1
worksheets for some employees:: https://www.canada.ca/en/revenue-agency/services/forms-publications/td1-personal-tax-creditsreturns/td1-forms-pay-received-on-january-1-later.html (PLEASE MAKE SURE YOU USE THE FILLABLE PDFs.)
o T4s for all employees
o 1 T4 summary
o Employers’ Guide to Payroll Deductions and Remittances
o Employers’ Guide to Taxable Benefits
o Employers’ Guide to Filing the T4 slips and Summary
Complete the following steps IN ORDER:
1. Set up a shared folder in OneDrive. Share it with your partner and Cam. Make up a fictitious company name and address.
2. Decide who will do employees 1,3, and 5 and who will do employees 2,4, and 6.
3. Prepare Federal and Provincial TD1s (and worksheets where necessary) for all employees using fictitious names, addresses, dates of
birth and Social Insurance Numbers. Keep the ages of your employees between 20 and 64. The TD1 information will be used to
determine the “Claim Code” for each employee. This will be required for the online payroll calculator on the CRA website.
4. Download the Excel spreadsheet from SAM and save it in your shared folder for the project. Update all YTD .(Year to Date) for each
employee.
5. Using the Excel spreadsheet prepare the payroll for 4 weeks and add total employee data for the 4 weeks and year to date. You will
use the online calculator on CRA, and the information provided below to complete the spreadsheet. I would recommend doing the
employees “one at a time” for all 4 weeks, so you don’t get the information mixed up. Remember, there will only be 1 spreadsheet
submitted PER TEAM. The spreadsheet should be kept on the shared drive, until it is completed and submitted to the dropbox in
SAM. Don’t create multiple copies – it will get confusing for you and your partner.
6. The YTD (Year to Date) information is “prior to” this 4 weeks of payroll
7. Prepare the final journal entry to record the 4 weeks of payroll (1 journal entry for the total of all employees)
8. Prepare the journal entry to record “employer” portions of deductions payable as a result of the 4 weeks of payroll (assume your year
end is Dec 31, 2020).
9. Prepare the journal entry to record the payment of the deductions to Receiver General on the required date in January – for the 4
weeks of payroll in December 2020 (include both employee and employer contributions)
10. Prepare T4s and a T4 summary, given the information that you have available to you – assuming that you are at the end of the year.
11. Submit the final payroll spreadsheet to the Dropbox. Make sure that a copy of the spreadsheet, the TD1s, T4s, T4 summary and
journal entries are in the Shared Folder for marking.
Other Information:
–
The vehicles available to the employees are available 365 days of the year. Employee # 2 drives 3,640 kilometers for personal use and
there is a total of 18,000 kilometers put on the car for the year (the YTD taxable benefit is $710). Employee # 4 drives 8,370
kilometers for personal use and there is a total of 24,000 kilometers put on the car for the year (the YTD taxable benefit is $3,920).
Use the online calculator to determine the taxable benefit for these employees. When prompted in the online calculator – you will use
the following settings:
o They are automobiles “owned” by the employer
o The employee was “not” eligible for a reduced standby charge in 2019
o Under “Operating Expenses”, answer “NO” to all questions, and leave the three boxes at the bottom empty, as they do not
apply. Here is a screenshot: https://www.screencast.com/t/37zz60phk
o Check the Taxable Benefits Chart in the Quick Reference Table and Activity Document in SAM to determine the “insurable or
non-insurable” status, and whether you should include GST/HST in your calculations. Divide the total amount by 52 weeks to
get the amount of taxable benefit per week to enter into the online calculator.
–
The YTD value of the rent-free apartment is $2,585.
Payroll is weekly – 52 weeks per year.
Assume 40 regular hours of pay per person per week
At the beginning of week 3, Employee #6 filled in new TD1s and requested that an additional $30.00 federal tax be deducted each
week
The amount of remittances that were made for the year (including December) is $58.445.00, and your business number is RP0001 12689-9852
–
Data for all Employees: (PLEASE NOTE – IF YOU ARE GIVEN INFORMATION, IT IS FOR A PURPOSE) Some information is
for the TD1 – some of the information is used for calculations on the online calculator and entered directly into the spreadsheet.
Employee Number
Percentage Ownership
Single
Married
Spouse’s Income
Rate of Pay or Salary
Education Deduction Available
Tuition
5% raise starting in the 2nd week
10 % raise starting in the 3rd week
Rent Free Apt valued at $58.75 per week
Drives Company Car Valued at
YTD Gross Pay
YTD Insurable Earnings
YTD EI Premiums
YTD Pensionable Earnings
YTD CPP Premiums
YTD Federal Tax
YTD Provincial Tax
Blue Cross: Single $4.00, Married $10.00
United Fund
YTD United Fund
Union Dues (6.00 per week)
1
2
30
x
$ 12/hr
F/T-8 mo
$5,000
x
3
4
50
x
x
$5,280
$30,000/yr
$ 14/hr
5
6
x
x
$26,000
$55,000/yr
$ 14/hr
P/T-6mo
$2,500
x
x
$4,000
$25,000/yr
x
x
$19,200
$ 19,200
$288
$ 19,200
$950
$1,613
$537
x
.25
$12
x
$6,000
$27,798
$ 27,798
$ 450
$ 27,798
$1,376
$4,725
$1,225
x
.75
$36
$27,475
$27,475
$270
$ 27,475
$1,360
$2,439
$811
x
.50
$24
x
$24,000
$47,475
$ 47,475
$2,475
$8,374
$4,576
x
3.00
$144
$19,192
$ 19,192
$220
$19,192
$950
$975
$325
x
.85
$41
x
$19,011
$ 19,011
$305
$ 19,011
$941
$5,012
$3,462
x
.90
$43
YTD Union Dues
Life Ins: Single $4.50, Married $7.00
Registered Pension Plan 7.5 % of gross wages
YTD Registered Pension Plan
Overtime hours @ 1.5
Overtime hours @ Double time
$246
x
x
$1,200
2(wk 3)
3(wk 3)
x
x
$1,735
6(wk2)
$246
x
x
$1,125
x
x
$3,113
$246
x
x
$1,275
5.5 (wk1)
x
x
$1688
Employee #1
Canada Pension
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Regular
Hours
40.00
40.00
40.00
40.00
160.00
x 1.5
2.00
2.00
x2
3.00
3.00
Wages
12.00
12.60
12.60
12.60
Total for the Year
Federal TD1
Provincial TD1PE
Code
5
8
2018 Rates
CPP
EI
Gross Pay
$ 23,040.00
480.00
504.00
617.40
504.00
$ 2,105.40
Pension
Taxable
Plan
Union Dues
Earnings
$ 1,792.50 $ 288.00 $ 20,959.50
36.00
6.00
438.00
37.80
6.00
460.20
46.31
6.00
565.10
37.80
6.00
460.20
$ 157.91 $
24.00 $
1,923.50
$ 25,145.40
$ 1,950.41
4.95%
1.66%
$
312.00
$
22,883.00
Deduction
$
20.43
21.62
27.23
21.62
90.89
EI
Income Tax
YTD
Deduction
$ 980.00
$
1,000.43
7.97
1,022.04
8.37
1,049.27
10.25
1,070.89
8.37
$ 34.95
YTD
380.00
387.97
396.33
406.58
414.95
Federal
$
50.00
1.15
4.24
18.85
4.24
$
28.48
Human
Fund
Provincial Blue Cross
$ 160.00 $ 192.00 $
12.00
3.28
4.00
0.25
5.30
4.00
0.25
14.84
4.00
0.25
5.30
4.00
0.25
$ 28.72 $ 16.00 $
1.00
Life
Insurance
$ 216.00
4.50
4.50
4.50
4.50
$
18.00
Total
Deductions
$ 4,070.50
83.58
92.07
132.22
92.07
$
399.95
Net Pay
$ 18,969.50
396.42
411.93
485.18
411.93
$ 1,705.45
$ 1,070.89
414.95
$
$ 188.72
$
$ 4,470.45
$ 20,674.95
$
78.48
$ 208.00
$
13.00
234.00
Employee #2
Canada Pension
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Regular
Hours
40.00
40.00
40.00
40.00
160.00
x 1.5
–
x2
–
Wages
–
Total for the Year
Code
Federal TD1
Provincial TD1PE
2018 Rates
CPP
EI
Gross Pay
$
$
–
Pension
Plan
$
$
–
Taxable
Union Dues
Earnings
$
$
$
$
–
$
$
$
–
4.95%
1.66%
–
–
$
–
Deduction
YTD
$
$
EI
Deduction
–
–
$
$
–
Income Tax
YTD
$
–
Federal
$
$
–
$
–
$
–
–
Provincial
$
$
–
Human
Blue Cross
Fund
$
$
$
$
–
Life
Insurance
$
$
–
Total
Deductions
$
$
–
$
$
$
$
–
–
$
–
–
–
Net Pay
$
$
$
–
Employee #3
Canada Pension
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Regular
Hours
40.00
40.00
40.00
40.00
160.00
x 1.5
–
x2
–
Wages
–
Total for the Year
Code
Federal TD1
Provincial TD1PE
2018 Rates
CPP
EI
Gross Pay
$
$
–
Pension
Plan
$
$
–
Taxable
Union Dues
Earnings
$
$
$
$
–
$
$
$
–
4.95%
1.66%
–
–
$
–
Deduction
YTD
$
$
EI
–
Deduction
$
$
–
Income Tax
YTD
$
–
Federal
$
$
–
$
–
$
–
–
Human
Fund
Provincial Blue Cross
$
$
$
$
$
$
–
Life
Insurance
$
$
–
Total
Deductions
$
$
–
$
$
$
–
$
–
$
–
–
–
Net Pay
$
$
$
–
Employee #4
Canada Pension
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Regular
Hours
40.00
40.00
40.00
40.00
160.00
x 1.5
–
x2
–
Wages
–
Total for the Year
Code
Federal TD1
Provincial TD1PE
2018 Rates
CPP
EI
Gross Pay
$
$
–
Pension
Plan
$
$
–
Taxable
Union Dues
Earnings
$
$
$
$
–
$
$
$
–
4.95%
1.66%
–
–
$
–
Deduction
YTD
$
$
EI
–
Deduction
$
$
–
Income Tax
YTD
$
–
Federal
$
$
–
$
–
$
–
–
Human
Fund
Provincial Blue Cross
$
$
$
$
$
$
–
Life
Insurance
$
$
–
Total
Deductions
$
$
–
$
$
$
–
$
–
$
–
–
–
Net Pay
$
$
$
–
Employee #5
Canada Pension
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Regular
Hours
40.00
40.00
40.00
40.00
160.00
x 1.5
–
x2
–
Wages
–
Total for the Year
Federal TD1
Provincial TD1PE
Code
3
3
2018 Rates
CPP
EI
Gross Pay
$
$
–
Pension
Plan
$
$
–
Taxable
Union Dues
Earnings
$
$
$
$
–
$
$
$
–
4.95%
1.66%
–
–
$
–
Deduction
YTD
$
$
EI
–
Deduction
$
$
–
Income Tax
YTD
$
–
Federal
$
$
–
$
–
$
–
–
Provincial
$
$
–
Human
Blue Cross
Fund
$
$
$
$
–
Life
Insurance
$
$
–
Total
Deductions
$
$
–
$
$
$
$
–
–
$
–
–
–
Net Pay
$
$
$
–
Employee #6
Canada Pension
Time Period
Year to Date
Week 1
Week 2
Week 3
Week 4
4 Week Total
Regular
Hours
40.00
40.00
40.00
40.00
160.00
x 1.5
–
x2
–
Wages
–
Total for the Year
Code
Federal TD1
Provincial TD1PE
2018 Rates
CPP
EI
Gross Pay
$
$
–
Pension
Plan
$
$
–
Taxable
Union Dues
Earnings
$
$
$
$
–
$
$
$
–
4.95%
1.66%
–
–
$
–
Deduction
YTD
$
$
EI
–
Deduction
$
$
–
Income Tax
YTD
$
–
Federal
$
$
–
$
–
$
–
–
Provincial
$
$
–
Human
Blue Cross
Fund
$
$
$
$
–
Life
Insurance
$
$
–
Total
Deductions
$
$
–
$
$
$
$
–
–
$
–
–
–
Net Pay
$
$
$
–
Totals
Time Period
4 Week Total
Year to Date
Total for the Year
CPP
Taxable
Gross Pay Pension Plan Union Dues
Earnings
Deduction
$ 2,105.40 $
157.91 $
24.00 $ 1,923.50 $
90.89
Deduction
$
34.95
Human
Life
Total
Fund
Insurance Deductions
Federal
Provincial Blue Cross
Net Pay
$
28.48 $
28.72 $
16.00 $
1.00 $
18.00 $
399.95 $ 1,705.45
$ 23,040.00 $
1,792.50 $
288.00 $ 20,959.50 $
980.00
$
380.00
$
50.00 $
160.00 $
192.00 $
12.00 $
216.00 $ 4,070.50 $ 18,969.50
$ 25,145.40 $
1,950.41 $
312.00 $ 22,883.00 $ 1,070.89
$
414.95
$
78.48 $
188.72 $
208.00 $
13.00 $
234.00 $ 4,470.45 $ 20,674.95
$
532.00
$
980.00
EI
Income Tax
Purchase answer to see full
attachment
Tags:
financial accounting
pension plan
Taxable earnings
Union dues
YTD
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