DIRECTIONS                     1 Journalize the entry to RECORD the payroll                 2 Journalize the entry to RECORD the employer's payroll taxes (SUTA rate is 3.7%)         3 Journalize the entry to deposit the FICA and FIT taxes                                             TOTAL EARNINGS FICA OASDI FICA HI FIT W/H STATE TAX UNION DUES NET PAY             $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22                                                           1 JOURNAL                               DATE DESCRIPTION   DEBIT   CREDIT                                                                                                                                                                                                                                                                 2 JOURNAL                               DATE DESCRIPTION   DEBIT   CREDIT                                                                                                                                                                                                                                                                                           3 JOURNAL                               DATE DESCRIPTION   DEBIT   CREDIT

Q: The following totals for the month of April were taken from the payroll register of Sheffield…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…

Q: Problem 12-3 Analyzing a Source Document Use this partially completed payroll check stub to answer…

A: A part of employees salary is withheld by employer to pay Social Security tax, medicare tax and…

Q: Record payroll for period.

A: Payroll is the list of amount due to each employee in return of services rendered by them. The net…

Q: What is the balance of the Employee Income Tax Payable account at July 15?

A: The balance of the Employee Income Tax Payable account on July 15 is $3,600.. This is the amount of…

Q: Question 3 6 p An employee has total gross wages of $7,000, federal withholding of 15% and state…

A: Payroll taxes generally includes the FICA Tax as well as withholding tax which will be levied on the…

Q: 1: Medicare tax A. Mandatory В. Voluntary 2: State income tax withholding A. O Mandatory В.…

A: Mandatory requirements are the necessary and important that need to be complied irrespective of…

Q: Payroll Journal Entry Regular earnings $ 5,715.00 Overtime earnings   790.00 Deductions:…

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

Q: Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3…

A: Answer: Determine your FUTA tax before adjustments 3. Total payments to all employees    $913,590…

Q: Department Payroll Factory Sales Office Total Wages $77000 23000 $22430. 17000 O $8430. O $14830. O…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's…

A: 1.1.) Regis Company'sTaxJanuary Earnings Subject to TaxTax RateTax AmountFICA- Social…

Q: On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy…

A: The journal entry is the primary reporting of the transactions of a business in the books of an…

Q: Department Payroll Factory Sales Office Total Wages $77000 23000 $22430. 17000 O $8430. O $14830. O…

A: The payroll taxes are the taxes that employers deduct from the salary of employees and deposit the…

Q: PSb 3-11 Populate Employee Earnings Records (#4) Complete the federal withholding tax (wage-bracket…

A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…

Q: For the year ended December 31, 2022. Coronado Electrical Repair Company reports the following…

A: Only costs related to employees, such as salary and wages, payroll taxes, benefits expenses, and…

Q: Prepare journal entries for the following wages and accruals of Bages Limited. Employees earned…

A: Payroll expenses refer to the amount of expenses a firm has to incur for the salary and wages of the…

Q: Journalizing Payroll Transactions On December 31, the payroll register of Hamstreet Associates…

A: Payroll is the compensation amount paid to its employees by a company for a set period and on a…

Q: PSb 3-11 Populate Employee Earnings Records (#1) Complete the federal withholding tax (wage-bracket…

A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,…

Q: PR The following data for Throwback Industries Inc. relate to the payroll for the week ended…

A: Payroll Summary - It is a report which also known as payroll activity summary report, which shows a…

Q: Exhibit 6-1 The totals from the first payroll of the year are shown below. Total Earnings $36,195.10…

A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…

Q: Below is the payroll register of a business for one month. What are the missing vall Payroll…

A: The in hand pay is much less than what is given by the company because there many deduction…

Q: Prepare a payroll check for Janice burns for the week ending March 23,20

A: Fill each blank as follows. Date : March 23 Pay to the order of : Burns, Janice…

Q: 1 Instruction General Journal 2 An employee receives an hourly rate of $15, with time and a half for…

A: Employee payroll expenses refers to the costs associated with compensating employees for their work.…

Q: Department Payroll Factory Sales Total Wages $77000 23000 Federal Income Tax Withheld $8000 4000…

A: The payroll taxes are the taxes that employers deduct from the salary of employees and deposit the…

Q: he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit…

A: a. Record journal entry for payment of wages, payroll and withhold taxes payable as shown below:…

Q: The following totals for the month of April were taken from the payroll records of Sheridan Service…

A: Salaries and wages expense refers to the total amount of money that a business pays to its employees…

Q: Ward Feb. 1 6,300 1,355 Required: 1. Calculate the amounts to be reported on each employee's Wage…

A: The question provides a table with partial data for five employees (Andy, Chir, Lowery, Nickels, and…

Q: FUTA Tax Payable, $84 SUTA Tax Payable, $414 Federal Income Tax Payable, $4,622 Instructions 1.…

A: Federal tax is the money used by the government of a country to pay for the growth and upkeep of the…

Q: Use the following information for the Exercises below. (Algo) The following information applies to…

A: Taxes on Social Security:The Federal Insurance Contributions Act (FICA) mandates a payroll tax and…

Q: cotals from the first payroll of the year are shown below. otal FICA FICA FIT State Union Ne rnings…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: The following totals for the month of April vwere taken from the payrall records of Marigold Corp.…

A: The entry to record the payment of net payroll include a debit to Salaries and Wages Payable  =…

Q: trying to learn payroll pls explain step by step thank you! Payroll Journal Entry Regular earnings…

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: JOURNAL     Page  43             DATE DESCRIPTION POST. REF. DEBIT CREDIT 20--           Nov. 6…

A: In the context of the given question, we should answer the questions asked from the journal entries.…

Q: ACTO-100-0H-Accounting Procedures-CRN 55460 Assignments apter 10" 11) Seved The payroll register of…

A: These are all employee payroll taxes that an organization has to pay while it is paying them…

Q: The following totals for the month of April were taken from the payroll records of Metz Company.…

A: Employer's payroll taxes include various taxes and deductions that an employer must withhold and…

Q: Based on the payroll information for Romac Electric that follows. Total gross earnings: $2,462.00…

A: Tax refers to the compulsory or mandatory obligation which is financially imposed on the taxpayer…

Q: During the week ended June 15, Wiley Automotive's employees earned $2,650 of gross wages and had…

A:

Q: A company showed the following information in its payroll register for the week ended March 16,…

A: Payroll deductions refer to the various amounts that are subtracted from an employee's gross pay to…

Q: Calculation and Journal Entry for Employer Payroll Taxes 1.  Calculate the employer's payroll taxes…

A: Employer payroll tax expense:

Q: Gross Pay through August 31 $ 6,600 2,200 131,600 Gross Pay for September $ 500 2,300 8,200 Assuming…

A: ParticularsSeptember earnings Tax ratetax amountfederal income tax --80FICA medicare8001.45%11.6FICA…

Q: Highridge Homes

A:

Q: Required: Using the payroll register from Problem 7-1A for White Mountain Assessments, complete the…

A: SUTA stands for State Unemployment Tax Act. FUTA stands for Federal Unemployment Tax Act. The…

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.