a. Cal Yanza, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $9,000, all of which is taxable. The amount of federal income taxes withheld each month is $1,170. Journalize the payment of wages, and record the payroll tax on November 29. For a compound transaction, if an amount box does not require an entry, leave It blank. When required, round your answers to the nearest cent. Date Account Debit Credit Nov. 29 Nov. 29 III

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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.