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:

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

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Q: The payroll register for Schmidt Company for the week ended April 29 indicated the following:…

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

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

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

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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…

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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.