Question

In: Accounting

The Payroll Manager, Melissa Ranson, has requested that you prepare a memo explaining what a Record...

The Payroll Manager, Melissa Ranson, has requested that you prepare a memo explaining what a Record of Employment is, what it is used for, when it is issued and the importance of completing it on time and accurately. The memo will be used in the Payroll Department meeting next week to reinforce the importance of the Record of Employment with the payroll administrators.

Solutions

Expert Solution

Answer:

  • A record of employment is a database type of a representative or employee. This structure is generally helpful to representatives having insurable profit, confronting breaks in their income. The break in income can be because of termination, mishaps, lay offs and so on. The structure can be kept up manually/electronically.
  • The Record of employment is utilized for deciding the insurable hours and earning of the employee at the time of employment interference. This is the qualification record that decides the measure of benefit and the time of benefit to be given to the worker in the event of break in earnings. What's more, in this manner the equivalent must be finished and precise or accurate.
  • The equivalent is to be given on the off chance that there is seven consecutive days break from the activity because of acceptable reasons. The record of employment must be given every time the representative faces an interference to earnings or when there is a request from Service Canada or during certain unique circumstances.
  • Due to high significance of the Record of Employment, the equivalent must be precise and submitted on time to avail the related benefits. This is helpful for representatives having insurable earnings.

Related Solutions

Your supervisor, Janine Beauregard, has requested you prepare a memo explaining what a Record of Employment...
Your supervisor, Janine Beauregard, has requested you prepare a memo explaining what a Record of Employment is, the importance of the form, and the importance of completing the form accurately. She is going to use the information you provide in a meeting with the payroll professionals to reinforce the importance of completing accurate Record of Employment forms.
Prepare the memo requested by the chief audit executive Westgate Company Ltd.
Prepare the memo requested by the chief audit executive Westgate Company Ltd.
1. You are Kim’s assistant, and she has asked you to prepare a memo to Dan...
1. You are Kim’s assistant, and she has asked you to prepare a memo to Dan describing the effect of each of the following bond features on the coupon rate of the bond. She would also like you to list any advantages or disadvantages of each feature. 1. The security of the bond, that is, whether or not the bond has collateral. 2. The seniority of the bond. 3. The presence of a sinking fund. 4. A call provision with...
Question: imagine that you are a business manager. Your board of directors has requested that you...
Question: imagine that you are a business manager. Your board of directors has requested that you report on the significance and impact of utilizing activity-based costing (ABC) over a single plant-wide predetermined overhead rate (POHR). Using your required readings this week, you will create a brief presentation for your investors analyzing the pros and cons of using ABC, including a comparison of at least two of the activity rates versus the single plant-wide POHR with calculations. Here is the relevant...
Imagine that you are a business manager. Your board of directors has requested that you report...
Imagine that you are a business manager. Your board of directors has requested that you report on the significance and impact of utilizing activity-based costing (ABC) over a single plant-wide predetermined overhead rate (POHR). Create a brief example for your investors analyzing the pros and cons of using ABC, including a comparison of at least two of the activity rates versus the single plant-wide POHR with calculations. Here is the relevant information you need: • The single plant-wide POHR is...
imagine that you are a business manager. Your board of directors has requested that you report...
imagine that you are a business manager. Your board of directors has requested that you report on the significance and impact of utilizing activity-based costing (ABC) over a single plant-wide predetermined overhead rate (POHR).    create a brief presentation for your investors analyzing the pros and cons of using ABC, including a comparison of at least two of the activity rates versus the single plant-wide POHR with calculations. Here is the relevant information you need: The product that you produce requires...
For the tax scenario that you are assigned, write a short memo explaining the tax policy...
For the tax scenario that you are assigned, write a short memo explaining the tax policy to a client. Keep in mind that the client will have limited understanding of income taxation, so you need to analyze the issue at a high level and then draw a conclusion. Explain the impact that your conclusion will have on the tax position or taxes payable (now or in the future). Christine is a dental hygienist and has worked at ABC Dentistry for...
Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July
Question: The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000; officesalaries, $160,000; federal income taxes withheld, $90,000; state income taxes withheld, $20,000; SocialSecurity taxes withheld, $22,320; Medicare taxes withheld, $5,220; medical insurance premiums, $7,000;life insurance premiums, $4,000; union dues deducted, $1,000; and salaries subject to unemploymenttaxes, $50,000. The employee pays 40% of medical and life insurance premiums.Prepare journal entries to record: (1) accrued payroll, including employee deductions, for July;(2) cash payment of the net...
A partner of your accountancy firm has requested you to prepare detailed notes on the impact...
A partner of your accountancy firm has requested you to prepare detailed notes on the impact of redundancy pay. During this brief meeting with you, the partner said the following, “When the employment ofan employee ends prematurely (i.e. before reaching the retirement age or by resignation ofthe employee), it is called termination of the employment. Ordinarily this type of termination is initiated by the employer, therefore, breaching the employment contract between themselves and the employee. As a result, employers usually...
what information is necessary to prepare for the processing of payroll?
what information is necessary to prepare for the processing of payroll?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT