Macier Company completed the salary and wage payroll for March 2014. The payroll

Question

Macier Company completed the salary and wage payroll for March 2014. The payroll provided the following details 2014 The payroll provided the Salaries and wages earned Employee income taxes withheld Canada Pension Plan Employment Insurance $224,000 49,600 2,200 690 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labour cost for the company. TIP: Employer CPP equals employee CPP. Employer El equals 1.4 times employee El Total labor cost

Explanation / Answer

1)

Total Labor Cost = Salary & Wages earned + Employer Contribution Canadian Pension Plan + Employer Contibution on Employement insuarance

Total Labor Cost = 224000+ 2200 + 690*1.4

Total Labor Cost = $ 227,166

2)

3)

Date General Journal Debit Credit March 31, 2014 Salary and Wages 224000 Income Tax withheld 49600 Canada pension plan 2200 Employment Insurance 690 Cash 171510

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