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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 User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
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