Earnings Withholdings Salaries Buginning Ending Cuirent Period Earnings and Health United Way Withholdings Pay No. Cumulative Total Net Check Wages Earnings Earnings Cumulative OASDI Medicare Tax Income Insurance Expense $ 4,500 7.200 $ 900 $ 90 $ 15 $ 77,000 112.000 801 1.200 144 35 802 40 000 3 300 600 66 803 61,000 3,300 850 66 20 804 4,500 1,100 805 90 $ 298,000 $ 22,800 $ 4,650 $ 456 $ 70

Q: The payroll register includes sections for​ recording:

A:

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: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: Payroll Expenses: The amount paid to the human resources of any business organization is termed…

Q: In order to confirm the previous clerk's payroll calculations, you have been asked to supply the…

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Q: Journalize the February payroll and the payment of the payroll

A: Journal entry is an art of recording, classifying and summarising the business transaction into…

Q: Journalize Payroll Tax The payroll register of Heritage Co. indicates $3,900 of social security…

A: A payroll tax is a tax paid on the wages and salaries of employees to finance social insurance…

Q: The following information as to earnings and deductions for the weekly pay period ended March 9 was…

A: Payroll register include gross salary payable to all employees and statutory deductions on account…

Q: The following information relates to CA Enterprises payroll for the month of July: Wages Income tax…

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

Q: Nix Company had the following balances in its general ledger before the entries for requirement (1)…

A: a) Workings:

Q: During the month of January, an employer incurred the following payroll taxes: FICA Social Security…

A: Working notes: Payroll tax expense = FICA social security tax + FICA Medicare tax + FUTA taxes +…

Q: The employees of Ethereal Bank are paid on a semimonthly basis. All employees are single. Required:…

A: FICA taxes are deducted from each paycheck of employees, with equivalent contribution from the…

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: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Attempt in Progress According to the accountant of Wildhorse Inc., its payroll taxes for the week…

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Q: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative total pay of $106,800 for…

A: Case 1: Cumulative Gross Pay at October 31 = $15,570Social Security Tax:The Social Security tax rate…

Q: JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has fiveemployees. All are paid on a monthly…

A: Payroll expenses are the total amount of salaries and wages which is paid to employees in exchange…

Q: CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNALENTRY Selected information from the payroll…

A: SUTA stands for "The State Unemployment Tax Act".  SUTA tax will be levied on the total unemployment…

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

A: The amount of taxes that an employer must pay in connection to the wages and salaries it pays its…

Q: The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown:…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Describe the types of application control used for the following data in a payroll system.a.…

A: Payroll system:

Q: Salaries Expense Social Security Tax Payable Medicare Tax Payable Employee Federal Income Tax…

A: Given: Salary expense = $12,400

Q: n recording the payroll, the debit to an expense represents: Group of answer choices deductions…

A: The payroll journal entry is the initial recognition of payroll.

Q: Journalize the company payroll for the semimonthly period ending on August 31. Journalize the…

A: Payroll entry records the payment made to employees and the portion of salary deducted from the…

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

A: Answer:-  Net Payroll meaning:- Net payroll can be defined as the amount taken home by the employees…

Q: 24 15 26 8 9 D 1 Employee Name Jared G Trevor L Baker M Total Employee Name Jared G Trevor L Baker M…

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

Q: Journalize the payroll on March 15, and the accrual of employee payroll taxes

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Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Answer:-Payroll expenses are the costs a company incurs to compensate employees for services…

Q: Completing the Payroll Register The Employee Payroll Register presents all the computations…

A: The payroll process is related to calculating the gross pay, all the applicable taxes, allowed…

Q: Provide the journal entry to record the payroll tax expense for the period. If an amount box does…

A: The imposition of the tax liability on the salaries of the employer or the employee is known as…

Q: Taxes to be Withheld From Gross Pay Assuming situation (a), prepare the employer's September 30…

A: FICA - Social Security and MedicareFederal payroll taxes under the Federal Insurance Contributions…

Q: Wallace Corporation summarizes the following information from its weekly payroll records during…

A: The objective of the question is to calculate the amount that should be debited to salaries expense…

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: Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,956 of social…

A: 1. Gross salary = $32,600 2. Federal unemployment Tax = $10,100 x 0.6%=$60.60  3. State unemployment…

Q: The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of…

A: The objective of the question is to record the payroll for the period in the company's journal. This…

Q: According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows:…

A: Accrued liabilities means liabilities which are due in current period, but not yet paid. These…

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

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: emimonthly period ended: August 31, 20xx Marital Status M M S M Empl. No. Name 145 Brown, Bill 157…

A: The question has asked to prepare the check stub and the check.   Payroll register: The payroll…

Q: Payroll tax entries   Instructions Chart of Accounts First Question Journal       Instructions…

A: Given information is: Taxable Income = $770,000 Social security tax rate = 6% Medicare tax = 1.5%…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Payroll expenses refer to the amount that an employer pays to their employees in exchange for…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Journal entry is an important part of financial statement . Journal entries is the basis of…

Q: prepare the journal entry to record the payroll tax expense and fringe benefit expense for Webber…

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Q: Instructions The payroll register of Heritage Co. indicates $13,320 of social security withheld and…

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Q: The payroll register of Patel Heritage Co. indicates $1,200 of social security withheld and $300 of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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A: Calculate the amount of taxable earnings for unemployment, Social Security.

Q: Journalize each of the payroll transactions listed below. Post all entries except the last two to…

A: Payroll Journal Entries Payroll journal entries are used to keep a track record of compensation paid…

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.