Author Description

The Payroll Accounting Supplement to accompany Weygandt, Kieso, Kimmel, Trenholm, Kinnear Accounting Principles, Fifth Canadian Edition will provide the student with all of the necessary tools and instructions required to account for payroll. The supplement covers the calculation of gross and net pay, as well as the recording of the employee and employer payroll costs. The individual calculation of mandatory deductions from gross pay, including Canada Pension Plan, Employment Insurance, and Income Taxes are illustrated and discussed. As well, the supplement demonstrates the use of additional tools and techniques made available from the Canada Revenue Agency (CRA) for the calculation of these deductions, including deduction tables and the Payroll Deduction Online Calculator. These tools are fully illustrated in this supplement. Internet links are provided to allow the student to access these different tools used in the calculation and recording of mandatory payroll deductions. Voluntary payroll deductions are also discussed as well as the recording and subsequent payment of these deductions from gross pay. Examples of journals illustrating the employee earnings record, used to prepare T4s, and the payroll register are illustrated. Full demonstration problems, self study questions, and a variety of questions, brief exercises, and problems are provided to confirm the students? understanding of the concepts and their ability to put the different payroll recording techniques into practice.