a. Into which type of account are employer's payroll contributions entered? i. Asset ii. iii. iv. Expense Revenue Retained Earnings
a. Into which type of account are employer's payroll contributions entered? i. Asset ii. iii. iv. Expense Revenue Retained Earnings
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 1MC
Related questions
Question
![a.
Into which type of account are employer's payroll contributions entered?
i.
Asset
Expense
Revenue
Retained Earnings
ii.
iii.
iv.
b. What type of account is the Employee Advances account?
i.
Asset
ii.
iii.
iv.
c. What is the employer premium amount for Employment Insurance?
i.
3.3 times the employee premium
ii.
iii.
iv.
Liability
Equity
Expense
ii.
iii.
iv.
d. What is the employer contribution amount for Canada Pension Plan (CPP)?
The same as amount as the employee's premium
i.
The same amount as the employee premium
1.4 times the employee premium
None of the above
iii.
iv.
3.3 times the employee's premium
1.2 times the employee's premium
1.6% of the employee's premium
e. The payroll taxes are remitted to the
i.
ii.
Ontario Revenue Agency
Ministry of Finance
Canada Revenue Agency
Receiver General of Canada](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15c83c94-5314-4a21-9e70-4aa8e53c29f2%2Fb90aeab1-f7f3-41df-8bc9-c2ce6940ddce%2Fx1hfggm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:a.
Into which type of account are employer's payroll contributions entered?
i.
Asset
Expense
Revenue
Retained Earnings
ii.
iii.
iv.
b. What type of account is the Employee Advances account?
i.
Asset
ii.
iii.
iv.
c. What is the employer premium amount for Employment Insurance?
i.
3.3 times the employee premium
ii.
iii.
iv.
Liability
Equity
Expense
ii.
iii.
iv.
d. What is the employer contribution amount for Canada Pension Plan (CPP)?
The same as amount as the employee's premium
i.
The same amount as the employee premium
1.4 times the employee premium
None of the above
iii.
iv.
3.3 times the employee's premium
1.2 times the employee's premium
1.6% of the employee's premium
e. The payroll taxes are remitted to the
i.
ii.
Ontario Revenue Agency
Ministry of Finance
Canada Revenue Agency
Receiver General of Canada
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