(Answer to 11) In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts. Earnings:   1. At regular rate $fill in the blank 1   2. At overtime rate 120,000   3. Total earnings $fill in the blank 2 Deductions:   4. FICA tax $63,000   5. Income tax withheld 200,000   6. Medical insurance 37,000   7. Union dues  fill in the blank 3   8. Total deductions $315,000   9. Net amount paid $525,000 Accounts increased:   10. Factory Wages $400,000   11. Sales Salaries $fill in the blank 4   12. Office Salaries $150,000

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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.