Assume that a payroll register contains the following columnar totals for the pay period ending January 7, 20X1: Cumulative yearly earnings prior to current pay period                                       $ -0- Gross earnings this period                                                                                              3,000   Deductions:             Federal income tax                                                                                                  380                         Medical  insurance                                                                                                               210               Union dues                                                                                                                 165               FICA - OASDI  tax                                                                                                     6.2%               FICA – HI tax                                                                                                                        1.45%     Prepare general journal entries to (a) record the payroll and (b) record the payment of the payroll

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Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

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A: Hi student Since there are multiple questions, we will answer only first question that is ques no 2.

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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.