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 employees had total...

80.2K

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 employes. The 2023 El 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 Omega's 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.
image

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

General Management
1.2K views

I wrote my start-up business plan for entrepreneurship class. Please loot at the my outline and figure...

Biology
1.2K views

Which of the following structures controls what enters and exits a cell O capsule Ocell...

Basic Math
1.2K views

Select the correct answer from each drop-down menu.In a circle with a radius of 7...

Basic Math
1.2K views

A business pays $68 for a car seat and wants a 24% markup for operatingexpenses...

Statistics
1.2K views

Let represent the profit or loss for a certain company years after 1965 Based on...

Calculus
1.2K views

f x xsinx 2 x 6 n 5 Round your answer to two decimal places

Algebra
1.2K views

Determine whether the equation y 3 x defines y as a function of x Does...

Algebra
1.2K views

Divide x 8 x 2 Fdr the toolbar press ALT F10 PC

Accounting
1.2K views

On 10/1/2018, Marley Company issues a 3-year interest bearing note payable with a face value...

Accounting
1.2K views

Prepare Fancy Company's Year 3 statement of cash flows using the indirect method. ...

Accounting
1.2K views

Prepare the Income Statement of Carry Manufacturers for July 2022 using the marginal costing method....

Finance
1.2K views

list three different between future and forward