Agency DEF collected the following income during the month: Income Taxes – Individual, P1,500,000; Income Taxes – Corporation, P1,800,000; Permit Fee, P1,400,000, Processing Fee 108,000, Rent Income 115,000 and Import

Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

A: SUTA and FUTA taxes are taxes to be paid to state government.These are levied on employees payroll.

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $480,000;…

A: 1) Total premium % paid by employees Premium paid by employees Premium paid by employer…

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A: 1.

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

A: 1.A.Prepare journal entry to record payroll:

Q: From the following information, calculate the payroll tax expense for Bowling Company for the…

A: Answer:- Payroll taxes:- All taxes pertaining to a person's salary, wage, bonus, commission and tips…

Q: According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social…

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Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

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Q: Anthony Noll’s gross earnings for the week were $3,000, his federal income tax withholding was $540,…

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Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Introduction: Net pay: Deduction of Federal income tax withholding and FICA from Gross earnings…

Q: According to a summary of the payroll of PJW Co., $700,000 in earnings were subject to the 7.7% FICA…

A: Payroll taxes refers to the taxes that are applicable on the payroll expense of the entity. It…

Q: Total payroll of a company was $2,820,000, of which $510,000 represented amounts paid in excess of…

A: Gross  Multiply: FICA rate   Wages to $128,400 (2820000-510000)          2,310,000 7.65%…

Q: The Pri had a total payroll of $148,600.34 for the first quarter of the current year. It withheld…

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A: 1. STATE UNEMPLOYMENT TAXES : = $20,000 X 4.2 % = $840   2. FEDERAL UNEMPLOYMENT TAXES : = $20,000…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $320,000;…

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

A: Calculate the taxes to be withheld from gross pay:

Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

A:

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Gross earnings is the amount before any deductions but after expenses. It is sales revenue less cost…

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

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

A: Answer a:

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

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

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Q: [The following information applies to the questions displayed below.]. BMX Company has one employee.…

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Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

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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.