Accounting 10, 20, 30

(a)	Itemize payroll components including earnings, compulsory and voluntary deductions.
(b)	Justify why detailed payroll records must be maintained.
(c)	Identify the data (e.g., hourly wage, salary, piecework, commission, overtime, contract work) typically used to calculate earnings for gross pay.
(d)	Prepare a payroll chart using provided financial information.
(e)	Calculate gross pay, total deductions and net pay based on the earnings for the correct pay period.
(f)	Differentiate between mandatory and voluntary optional deductions for employees.
(g)	Recognize that the compulsory deductions are an employer's expense to the federal government.
(h)	Calculate compulsory deductions (i.e., Canada Pension Plan, Employment Insurance, Federal Income Tax) and voluntary deductions using the taxable earnings based on government set percentages.
(i)	Discuss employers’ responsibilities regarding dispersing voluntary deductions to appropriate organizations (e.g., charitable donations).
(j)	Explain the employers’ legal obligations for submitting income tax collected from employees.
(k)	Journalize and post the payroll to update general ledger accounts.
(l)	Discuss the importance of accurate payroll information for the preparation of year-end summaries (e.g., T4 and T4-A slips).
(m)	Analyze the importance of an employer completing a Record of Employment, with appropriate codes, for employees in situations where employment ends, or the employee leaves due to pregnancy, injury, illness, adoption leave, layoff, or dismissal.
(n)	Generate a payroll for a business simulation, with or without accounting software.

←

→