1) Complete the entire pay cycle process by calculating gross to net pay, employer premium amounts and complete required accounting entries.

a) Sandra works in British Columbia and is paid on a semi-monthly basis. She has a claim code of 1 on both her TD1 and TD1BC. She has the following type of earnings, benefits & deductions. She will not max out on CPP or EI this pay and will have full deductions. Please use 2019 rates for your calculation and show not only the deduction value but also the pensionable, insurable and taxable amounts on which they were based. 
i) Regular $3200
ii) Holiday Pay $250
iii) Group Life – Employer paid Taxable benefit $15
iv) Employee RRSP contribution $200
Her employee matches her EI at a non-reduced rate (1.4) and additionally pays employer health tax at a rate of 1.95%. The pay ending is July 31st and all amounts will be paid to third parties for the month. The monthly amounts will be exactly double for month end reporting purposes. 
Calculate gross to net, employee premiums and record all applicable accounting entries in the tables below:
  
Journal Entry #4786
Date: July 31, 2019
 
Account   Name

Account   No. 

Debit

Credit   
 
Regular   Pay 

30000-601

 
Holiday   Pay

30000-602

 
CPP   Contributions Payable 

20000-203

 
EI   Premiums Payable

20000-205

 
Federal   Income Tax Payable

20000-206

 
Provincial   Income Tax Payable 

20000-206

 
RRSP   Payable 

20000-210

 
Payroll   Clearing (Net Pay) 

20000-218

 
Total

 
To record wages expense for   pay period July 31, 2019.
  
Journal Entry #4787
Date: July 31, 2019
 
Account   Name

Account No. 

Debit

Credit   
 
Payroll   Clearing (Net Pay) 

20000-218

 
Payroll   Cash

10000-100

 
Total

 
To   record payment to employees for pay period ending July 31, 2019
  
Journal Entry #4788
Date: July 31, 2019
 
Account Name

Account No. 

Debit

Credit 
 
CPP Employer

30000-610

 
EI Employer

30000-611

 
Group Life

30000-301

 
British Columbia – EHT

30000-450

 
CPP Contributions Payable 

20000-203

 
EI Premiums Payable

20000-205

 
Group Life Payable

20000-223

 
EHT Accrual

20000-225

 
Total

 
To record employer’s portion of CPP Contributions,   EI Premiums, EHT and Group Life Expenses for pay period ending July 31, 2019
  
Journal   Entry #4789
Date: July 31, 2019
 
Account   Name

Account   No. 

Debit

Credit   
 
CPP   Contributions Payable 

20000-203

 
EI   Premiums Payable

20000-205

 
Federal   Income Tax Payable

20000-206

 
Provincial   Income Tax Payable 

20000-206

 
Group   Life Payable

20000-223

 
EHT   Accrual

20000-225

 
RRSP   Payable 

20000-210

 
Payroll   Cash

10000-100

 
Total

 
To record remitting to third   parties for the month ending Date: July   31, 2019
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