Question

In: Accounting

Your manufacturing organization has a semi-monthly payroll, paying on the 15th and last day of each...

Your manufacturing organization has a semi-monthly payroll, paying on the 15th and last day of each month. Your organization pays employees in British Columbia.

On the June 15th pay date of the current year the following deductions occurred. Using the Current Year calendar in the course material, explain when each payment must be received by the issuer or administrator:

Family Maintenance Enforcement

Union Dues (collective agreement states payment due three business days after pay date)

Registered Defined Contribution Pension Plan (employer matches employee contributions)

Group RRSP

Solutions

Expert Solution

Answer:

Family maintenance enforcement :

The family upkeep requirement program is a free administration offered by the english columbia service of lawyer general. The fundamental motivation behind this program is to gather cash from a man for kid support and family upkeep. The manager can gather a segment of a man's month to month pay end of consistently. It is smarter to gather it toward the month's end as we have to deduct from the part of the pay.

Union dues :

The director should gather it on first and sixteenth business states three business days after installment dates which are third and eighteenth of consistently.

Registered defined contribution pension plan :

It is required to contribute a bit of a representatives compensation towards benefits approach to diminish this would lessen it from the month to month pay on fifteenth and a day ago of the consistently.

Group RRSP :

As indicated by canada government, "A RRSP is a retirement sparing arrangement that a man builds up, thet they enlist, and to which the individual on his/her mate/custom-based law accomplice contributed. Deductible RRSP commitment can be utilized to lessen your assessment". Most ideal approach to lessen this would decrease it from the month to month pay on the fifteenth and a day ago of consistently.


Related Solutions

Accounting. payroll.canada. ontario Your manufacturing organization has a semi-monthly payroll, paying on the 15th and last...
Accounting. payroll.canada. ontario Your manufacturing organization has a semi-monthly payroll, paying on the 15th and last day of each month. Your organization pays employees in British Columbia. On the June 15th pay date of the current year the following deductions occurred. Using the Current Year calendar in the course material, explain when each payment must be received by the issuer or administrator: Family Maintenance Enforcement Union Dues (collective agreement states payment due three business days after pay date) Registered Defined...
Pennsylvania Company has a monthly gross payroll (paid on the last day of each month) of...
Pennsylvania Company has a monthly gross payroll (paid on the last day of each month) of $516,000, which is subject to unemployment taxes (Federal at 0.8% and State at 5.4%). All earnings are subject to 7.65% FICA tax (combined Social Security and Medicare). Federal income tax withholdings are 25%, and state income tax withholdings are 8% of total earnings. Assuming no individual employee has reached the maximum limit for Social Security tax or for unemployment tax, which of the following...
Bulldog accrues salaries and payroll taxes on the last day of each month and pays all...
Bulldog accrues salaries and payroll taxes on the last day of each month and pays all employment-related liabilities on the 5th day of the following month. Assume employees are in the 10% income tax bracket. Use the following tax rates: FICA OASDI, 6.2%; Medicare, 1.45%; Federal Unemployment Tax, 0.6%; and State Unemployment Tax, 5.4%. 2. Prepare and print the following financial statements: multi-step income statement for the month ended January 31, statement of retained earnings for the month ended January...
A manufacturing company's weekly payroll is $800,000 for a 5-day work week beginning each Monday and...
A manufacturing company's weekly payroll is $800,000 for a 5-day work week beginning each Monday and ending each Friday. The last time salaries and wages were recorded was Friday, December 26. What adjustment is needed on December 31, the last day of the company's fiscal period? The answer is: Increase Wages Expense by $480,000 but I'm unsure how you get the number $480,000?
Your company has invested in an ABC semi-annual paying bond. The coupon is 10%, and the...
Your company has invested in an ABC semi-annual paying bond. The coupon is 10%, and the current yield is 6.45%. Your friend contacts you to advise that he is a big buyer of ABC bonds. He offers to buy $25,000,000 of the bond from you at 6.50%. The maturity date of the bond is the 15th of November, 2023. If you sell the bond, the settlement date will be the 4th of November, 2019. Calculate the duration and modified duration...
Haggerty Company pays its salaried employees monthly on the last day of each month. The annual...
Haggerty Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 20-- follows. Compute the following for the payroll of December 31: If an amount is zero, enter "0". Round your answers to the nearest cent. Employee Annual Salary OASDI Taxable Wages OASDI Tax HI Taxable Wages HI Tax Stern, Myra $42,150     $ $ $ $ Lundy, Hal 39,500     Franks, Rob 46,000     Haggerty, Alan 161,280     Ward, Randy 40,800     Hoskin, Al 39,600     Wee,...
1) The Payroll data set has data on the numbers of employees and the monthly payroll...
1) The Payroll data set has data on the numbers of employees and the monthly payroll in thousands of dollars for 50 firms in two different industries. If you divide ”payroll” by ”employees” you get the average monthly salary for each firm. The populations of interest are the firms in industry A and those in industry B. The population variable of interest is the average monthly salary in each of the firms of these populations. At a significance level of...
The Adams Co. pays their employees monthly on the last day of the month. Use the...
The Adams Co. pays their employees monthly on the last day of the month. Use the following information to compute the total FICA tax for the December 30 payroll for the employees and the employer. Employee Annual Salary Smith, J. $42,150 Jones, T. $30,500 Bass, J. $36,000 Carson, A. $161,280 Williams, M. $40,800 Jones, A. $29,600 Mullins, F. $106,800 Smith, E. $76,800 Evans, R. $24,000 Turner, R. $68,960
Electronics Service Co. pays salaries monthly on the last day of the month. The following information...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1: Administrative salaries $ 82,000 Sales salaries 61,000 Office salaries 40,000 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. Duke reached the $110,000 amount in September. His salary in December amounted to $11,000 and is...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information...
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1: Administrative salaries $ 80,000 Sales salaries 68,000 Office salaries 49,000 Assume the Social Security tax rate is 6.0 percent on the first $110,000 of salaries and the Medicare tax rate is 1.5 percent on all salaries. Duke reached the $110,000 amount in September. His salary in December amounted to $10,000 and is...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT