Exercise 10-07 Steven Noll’s gross earnings for the week were $2,700, his federal income tax withholding was $486, and his FICA total was $207. There were no state income taxes.           What was Noll’s net pay for the week? Net pay   $       SHOW LIST OF ACCOUNTS LINK TO TEXT       Journalize the entry for the recording of his pay in the general journal. (Note: Use Salaries and Wages Payable, not Cash.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit                             SHOW LIST OF ACCOUNTS LINK TO TEXT       Record the issuing of the check for Noll’s pay in the general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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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.