Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.Salaries expense $600,000Federal and state income tax withheld $120,000Federal unemployment tax rate 0.80%State unemployment tax rate (after FUTA deduction) 5.40%Social Security (FICA) tax rate 7.65%Required:Record salaries expense and payroll tax expense for the January pay period.

Q: The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of…

A: Journal entry is the foremost reporting of the business transactions in the books. These are…

Q: Journalize the transactions shown

A: Calculate Salary expense = Gross salary - Tax payables - Insurance premium payables.

Q: The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of…

A:

Q: Provide the journal entry to record the payroll tax expense for the period.

A: Given: Withheld social security = $ 4,200 Tax of Medicare = $ 1,050 Total salaries = $ 70,000…

Q: The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: 3. Tesla, Inc. pays employees at the end of each month. Payroll information is listed below for…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Stone's gross pay for the week is $1,400. Stone's year-to-date pay is under the limit for OASDI.…

A: Payroll tax refers to any tax that is withheld from, levied against, or assessed against an…

Q: I need some help with the questions reffering to the image below. Complete Accounting Services has…

A: 1.

Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

A: Journal entries are recorded in a chronological manner and it forms first step in recording every…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8.…

A: Part 2: Explanation:Step 1: Calculate Gross Earnings- For Arnett: $3,800 * 12 = $45,600- For Cruz:…

Q: The payroll register or Longboat Company indicates $5,400 of social security withheld and $1,350 of…

A: Compute state and federal unemployment compensation taxes as shown below:

Q: Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended…

A: Form 941 for the quarter ended September 30, 20--.

Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $216 of…

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

Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…

A: The Social Security tax, also known as the Federal Insurance Contributions Act (FICA) tax, is a…

Q: The payroll register of Heritage Co. indicates $1,800 of social security withheld and $450.00 of…

A: AccountDebitCreditPayroll Tax Expense$2,826.60 Social Security Tax Payable $1,800Medicare Tax…

Q: The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of…

A: State unemployment tax payable= Earnings x State rate= $36000*5.40%= $1944 Federal Unemployment tax…

Q: The monthly salaries for December and the year-to-date earnings of the employees of Lincoln Project…

A: Step 1:Note:FICA social security earning base is $ 142,800.Except for Employee #4, each employee's…

Q: a. Cal Ruther, an employer is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the…

A: Employees wages and salaries are subject to federal income tax and other social security taxes.…

Q: Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,022 of social…

A: Payroll expense means expenses related to employees compensation. Several taxes needs to be deducted…

Q: he payroll register of Chen Heritage Co indicates $2,472 of social security withheld and $618.00 f…

A: Given information, Social security withheld = $2,472  Total salaries = $41,200  Medicare tax…

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $966 of social…

A: State unemployment tax payable = 5000×5.4% =$270

Q: Assume that social security taxes are payable at a 6% rate and Medicare taxes are payable at a 1.5%…

A: Employer payroll taxes constitute two elements, namely social security taxes and medicare taxes.…

Q: he payroll register of Seaside architecture company indicates $915 of Social Security and $177 of…

A: A record is frequently recorded in the primary ledger; however, it may alternatively be entered in a…

Q: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: The Journal Entries are represented as below:

Q: The payroll register of Sara Company indicates $5,850 of social security tax withheld and $1,600 of…

A: Introduction: Payroll tax expense account is indeed the holding account used to keep track of the…

Q: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: In this Numerical has covered the concept of Payroll.

Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…

A: Journal entry is always needed to make to record event and transaction that occurs during a…

Q: apply: payi was Federal and state income tax withheld Health insurance premiums paid by employer…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The payroll register of Seaside Architecture Company indicates $830 of social security taxes and…

A: Gross pay is employees' earnings before making any deductions like taxes, benefits and other payroll…

Q: Nov. 30: Journalized the monthly payroll for November, based on the following data. Description…

A: answers Description Debit Credit Sales Salaries Expense $135,000   Office Salaries…

Q: The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of…

A: Payroll Accounting:The process of payroll accounting includes the computation and payment of…

Q: Robart Services  pays its employees monthly. The payroll information listed below is for January…

A: Tax expense is the amount of tax paid by the entity on its income. It is paid to the taxation…

Q: The summary of the payroll for the monthly pay period ending July 15 indicated the following:…

A: State Unemployment Tax Payable = Salaries Expense x state unemployment tax rate = 30000*3.1% = $930…

Q: Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security…

A: The payroll accounting includes the recording of the payroll expenses, employees'…

Q: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: Journal entries can be defined as the way a business record its transaction in the accounting…

Q: The summary of the payroll for the monthly pay period ending July 15 indicated the following:…

A: Federal income taxes are imposed in USA. The income tax is calculated by implementing tax rate which…

Q: Greensburg Inc. had the following payroll for October 2020:               Employee Wages…

A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: On November 30, the payroll register of Webster & Smith indicated the following information: Wages…

A: Working:

Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $219 of…

A: Solution:- Preparation of journal entry to record the employer payroll taxes expense as follows…

Q: The payroll of YellowCard Company for September 2020 is as follows. Total payroll was $480,000, of…

A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…

Q: The payroll register of Castilla Heritage Co indicates $2,790 of social security withheld and…

A: Federal Unemployment Taxes = Taxable earnings x Federal Unemployment Taxes rate State Unemployment…

Q: Based on the information below, Prepare the journal entry to record Regis’s (employer) payroll taxes…

A: 1). Journal Entry to record Regis's payroll taxes resulting from the Jan 8 payroll :- Date…

Q: The payroll register of Seaside Architecture Company indicates $830 of Social Security and $210 of…

A: A payroll tax is a tax withheld from the salary of an employee by an employer who pays it to the…

Q: The payroll register of heritage co. Indicates $3900 of social security withheld and $975 of…

A: Federal Unemployment Compensation taxes =$65,000×0.8%=$520   State Unemployment Compensation taxes…

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.