Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax. Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's payroll taxes. (Assume that the FICA matches the amount withheld.) d. Payment of these payroll-related liabilities. (Assume that all are settled at the same time.) Round your answers to the nearest dollar.

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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.