A business paid out $12,450 in net wages to its employees. In respect of these wages, the following amounts were shown in the statement of financial position. $ Income tax payable 2,480 National Insurance payable – employees' 1,350 – employer's 1,500 Pension payable for employees' contributions 900 Employees' gross wages, before deductions, were ........................................

Q: You are provided with the following amounts for Janet Mattera for the current​ year:   • Net…

A: Taxable income is the net income earned by an individual on which the tax is payable. It is…

Q: On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of…

A: FICA Social Security Tax Payable = $32,000 x 6.2% = $1,984FICA Medicare Tax Payable = $32,000 x…

Q: The Rollins Company has office employees and shipping employees. A summary of their earnings and…

A: Journal entry is the primary step to record the transaction in the books of accounts. The debit and…

Q: Employee earnings records for Sheffield Company reveal these gross earnings for four employees…

A: Step 1: Introduction to payroll taxesPayroll taxes refer to those taxes paid by both employer and…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: Given the following information, compute Peach Company’s income taxes paid Decrease in income taxes…

A: Since, income tax payable has reduced by 600, it means that out of total payment of taxes, $600 is…

Q: The following totals for the month of April were taken from the payroll records of Noll Company.…

A: The payroll register records the salaries of all employees and payroll-related transactions. These…

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: The question is to solve for situation a only. Payroll taxes expense = FICA - Social Security taxes…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Salaries and wages expense…

Q: Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company…

A: Journal entry is the first step in the accounting. It is recorded to keep accounting transaction in…

Q: Assume the following payroll information for Jane Smith: Gross pay $10,000, Income tax $2,500, EI…

A: The objective of the question is to determine the journal entries to record the employer amounts of…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

A: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a…

Q: Company had gross wages of $200,000 for the month ended December 31, 2022. The CPP contributions…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll CalculationsSalaries:Sales salaries: $282,000Warehouse salaries: $155,000Office salaries:…

Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

Q: Flint Inc's weekly payroll of $26,000 included employee income taxes withheld of $3,715, Canada…

A: Employment Insurance premium payable = 1.4 * Employment Insurance withholding

Q: Steven Ray has cumulative earnings of $6,580 and earned $840 during the current payroll period. If…

A: SUTA taxes means state unemployment taxes. For these taxes, employer needs to withhold amount from…

Q: After the Yukon Corporation paid its employees on May 15, 20X1, and recorded the corporation's share…

A: The payroll taxes refer to the taxes paid by the employees and employer on the salary, wages, and…

Q: 8 A company has income before income taxes of $879,000 for the current year. The current provision…

A: The income statement shows the company's revenues and expenses earned during the particular period.…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Salary expense include basic salary and all type of allowance provided by the company in addition to…

Q: Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the…

A:

Q: On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income…

A: Journal entries are the basic foundation of financial statements in which at least two accounts are…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Answer a:

Q: During FEB, HCorp.'s employees earned wages of $74,000. Withholding (taxes) were . $5,661 for FICA;…

A: Journal entries are used to keep track of financial transactions. To create a journal entry, you…

Q: An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment…

A: FICA ( Federal Insurance Contribution Act) taxes refers to the deductions from the gross earnings of…

Q: After the Yukon Corporation paid its employees on May 15, 20X1, and recorded the corporation's share…

A: Payroll expenses refer to the total cost incurred by a business in compensating its employees for…

Q: Urban Fit Corp Fit ation paid salaries and wages of $71,900 to its employees for the month. Of this…

A: Journal Entry refers to recording the business related transactions in the books of accounts of the…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 787000*6.20% =…

Q: A company's payroll for the month ended January 31 is summarized as follows: Total wages Federal…

A: Payroll expenses are the overall costs incurred by a company in rewarding its employees for their…

Q: $350,000  Warehouse salaries 182,000  Office salaries 136,000   $668,000     Deductions:

A: Payroll is  remuneration that a company owes to its employees for a specific period of timeon a…

Q: 2. Below is the payroll register for Akai company's September 30, 2024, weekly payroll: Deductions…

A: Part B: Payment of Payroll LiabilitiesRecord the payment of all payroll liabilities from the cash…

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.