Description: As a Toronto Star opinion piece stated this past week, “A living wage is not the same as a minimum wage.” The current minimum wage in Ontario is $15 per hour, but the Ontario Living Wage Network calculates that someone living in Toronto requires $22.08 per hour in order to get by. Financial problems from causes like this can lead to food insecurity, health problems, depression, and other issues.
Date: April 4, 2022
1) Have you ever encountered food insecurity during your time at university? Does your campus offer any programs to help students deal with this issue?
2) What is your perspective on this issue? Should a living wage become the legislated minimum wage?
3) Starting on page 9-17 in Wiley’s Understanding Financial Accounting we see a section “How Are Payroll Costs Accounted For?” What are the four basic journal entries that an employer makes to account for paying employee wages?