A Payroll consists of Basic Pay, Allowances, Gross Salary, Deductions and Net Salary.  The Allowances are 23% of the Basic Pay while the Deductions are 12% of the Gross Salary.   Calculate the total salary for given 3 names Find out who has the maximum net salary Calculate how much money company has to spend on all the 3 employees.         A B C D E F 1 Stationery Supplies Ltd       2             3 Name Basic Pay Allowances Gross Salary Deductions Net Salary 4 Lewis 80000         5 Francis 18000         6 Edwin 23000

Q: Knowledge Check 01 Lopez Company has a single employee, who earns a salary of $192,000 per year.…

A: Payroll Cycle It is the duration where the first day from which  payroll starts till the day salary…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…

Q: Which statement below accurately describes Hope's gross wages? COMPANY NAME Some Corporation 123…

A: The whole amount of compensation received by employees, whether on an hourly or monthly basis,…

Q: What is the answer in number 5?~

A: Question- 5 Cost of Production- Cost for Production refers to entire expenses which are experienced…

Q: Compute payroll K. Mello Company has three employees-a consultant, a computer programmer, and an…

A: Gross pay means the amount paid to employee before make any deduction and taxes. Net pay is the…

Q: Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross…

A: Lets understand the basics.Vacation pay is payable to employee over and above gross pay when…

Q: Ramirez Company has the following data for the weekly payroll ending January 31. Employee M T Hours…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: . Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…

A: Gross pay means the amount paid to employee before make any deduction and taxes. Net pay is the…

Q: 1. Show what Penske will report for the foregoing on its income statement for the year and on its…

A: Given in the question: Annual Payroll Expenses = $160,000 Company incurs payroll tax expenses = 9%

Q: What is the order of calculation on Quarter-hour method & Hundreth-hour method?  For example: IN…

A: For Payroll Accounting : There are 2 types of calculating. (1) Quarter-hour Method : (a) In this…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Payroll Taxes: The taxes that are paid by both the employer and the employee to support the…

Q: NN Company operates on a 6-day week, with time and one-quarter for all hours over eight during the…

A: It is the amount to be withheld by an employer from an employee, if the employees' annual income…

Q: Q2 Payroll Invoice dated 01/15/2020 Net Pay Employee Tax Withholding 401k Employee Contribution…

A: The gross salary represents the total compensation to the employee. The net pay represents the net…

Q: Next Question Find the overtime rate, the amount of earnings at regular pay, the amount at overtime…

A: Overtime Rate: A set rate of remuneration for time spent working more than the regular working…

Q: Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an…

A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to an…

Q: PRACTICAL EXERCISE 1.4 A Payroll consists of Basic Pay, Allowances, Gross Salary, Deductions and Net…

A: Given that: Allowances = 23% of Basic Pay Deductions = 12% of Gross Salary

Q: Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an…

A: Payroll accounting is the process of calculating, managing, documenting, and analyzing the…

Q: An employee earns $22 per hour and 2 times that rate for all hours in excess of 40 hours per week.…

A: The complete compensation an employee receives from their employer before any deductions is referred…

Q: Compute Payroll Floatin Away Company has three employees—a consultant, a computer programmer, and…

A: Present question pertains to gross pay and net pay calculation of employees. Gross pay is total…

Q: Question 3 6 p An employee has total gross wages of $7,000, federal withholding of 15% and state…

A: Payroll taxes generally includes the FICA Tax as well as withholding tax which will be levied on the…

Q: Department Payroll Factory Sales Office Total Wages $77000 23000 $22430. 17000 O $8430. O $14830. O…

A: The payroll taxes are the taxes that employers deduct from the salary of employees and deposit the…

Q: Maryland company offers a bonus plan to its employees equal to 3% of net income. Maryland's net…

A: Bonus expense =3% of net income (before providing such bonus expense)

Q: Wages Hours Gross Cumulative Social Employees Expense Regular Overtime Pay Earnings Unemployment…

A: The journal entry for recording the employer's payroll taxes on a hypothetical payroll involves…

Q: I need some help with requirement 3.

A: In part 2, entry would have been  Wages A/c                             $xx         To Wages Payable…

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: Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an…

A: Gross pay of the employees means regular earnings made by the employee and all overtime earnings…

Q: i need the answer quickly

A: ·      FICA – This is a US federal tax. It means Federal Insurance Contributions Act. This is…

Q: The following date for Presco Inc. relate to the payroll for the week ended February 9: Employee…

A: A's overtime=Hours worked-Hours per week=52-40=12 hours

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: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Payroll is the collective term used to define the payments related to employees’ salaries or wages.…

Q: not use ai please don't

A: Step 1: Compute the total amount of salary expense.$2,600 + $2,400 + $1,800 + $2,000 = $8,800 Step…

Q: Q4. Strings for You commences business on 1 January buying and selling musical instruments. It sells…

A: Inventory valuation is an accounting practice that is followed by companies to find out the value of…

Q: Salaries Expense Social Security Tax Payable Medicare Tax Payable Employee Federal Income Tax…

A: Given: Salary expense = $12,400

Q: Complete the following table. Note: Round your "gross pay" to the nearest cent. Employee Donna Swan…

A: Gross pay is the total amount earned by the employee for the time he worked. It also includes…

Q: Department Payroll Factory Sales Total Wages $77000 23000 Federal Income Tax Withheld $8000 4000…

A: The payroll taxes are the taxes that employers deduct from the salary of employees and deposit the…

Q: he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit…

A: a. Record journal entry for payment of wages, payroll and withhold taxes payable as shown below:…

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.