Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a. omega company pays its employees monthly. for f

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

70.2K

Verified Solution

Question

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

Discuss the mechanisms of permeability and hydraulic gradients and their effect on groundwater movement.

Physics
1.2K views

IP Two strings that are fixed at each end are identical, except that one is 0.600...

Electrical Engineering
1.2K views

Please TYPE approximately 300 words discussing the following: List and describe various features of electronic systems. List and...

Biology
1.2K views

Which of the following statements accurately describe a chromosome Select the THREE 3 that apply...

Physics
1.2K views

A cylindrical tank of height 0 4 m is open at the top and has...

Geometry
1.2K views

Name Standard Form of a Circle Equations of Circles Date 1 Write an equation of...

Geometry
1.2K views

8.) Give 3 example problems with solutions using the point of division.

Basic Math
1.2K views

Convert kilometres per hour to miles per hour Round to the nearest hundredth 115km h...

Calculus
1.2K views

Let f 0 R be a bounded function Consider the functions g h 0 00...

Algebra
1.2K views

Evaluate the algebraic expression for the given valu x 5x 4 for x 6 When...

Accounting
1.2K views

Jekell Catering Inc. is a caterer of corporate lunches and events. The following is Jekell's...

Accounting
1.2K views

Delmar Inc, uses a standard cost system. Labor standards are 2.1 hours per widget at...