A. Omega company pays its employees monthly. For February 2024, Omega Co.s employees had total...
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A Omega company pays its employees monthly. For February Omega Cos employees had total gross pay of $ Personal income tax was deducted at of total gross pay. In CPP contributions are for both Omega and its employees. The EI contribution rate for employees is and Omega must contribute times the employee amount for its share as the employer. of employees February earnings are subject to both CPP and EI Employees contributions to Omegas group RRSP plan equal to of their gross pay were deducted in February. Omega contributes 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 th 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 entryies on Feb for Omega to record the February payroll.
A Omega company pays its employees monthly. For February Omega Cos employees had total gross pay of $ Personal income tax was deducted at of total gross pay.
In CPP contributions are for both Omega and its employees. The EI contribution rate for employees is and Omega must contribute times the employee amount for its share as the employer. of employees February earnings are subject to both CPP and EI
Employees contributions to Omegas group RRSP plan equal to of their gross pay were deducted in February. Omega contributes 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 th 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 entryies on Feb for Omega to record the February payroll.
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