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…

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

Q: An entity reported the following payroll of the employees for the month of January, half of which…

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

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

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Q: How much is the net income after income tax provision at December 31, 2003?

A: We need to calculate income tax provision first to find out net income after tax provision.

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A:

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

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A: Answer a:

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

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

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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.