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  3. a. omega company pays its employees monthly. for f

A. Omega company pays its employees monthly. For February 2024, Omega Co.s...

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Accounting

A. Omega company pays its employees monthly. For February 2024, Omega Co.s employees had total gross pay of $770,000. Personal income tax was deducted at 23% of total gross pay.
In 2023, CPP contributions are 5.95% for both Omega and its employees. The 2023 EI contribution rate for employees is 1.66% and Omega must contribute 1.4 times the employee amount for its share as the employer. 100% of employees February earnings are subject to both CPP and EI.
Employees contributions to Omegas group RRSP plan equal to 4% of their gross pay were deducted in February. Omega contributes 50% of the amount contributed by employees and remits the funds to the group RRSP plan.
Omega paid the employees their net pays on Thursday, February 29th. Omega pays its employees on the last day of work every month. Any remittances other than net pay will be made in March.
Required:
Prepare the journal entry(ies) on Feb 29 for Omega to record the February payroll.

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