Flounder industries had a total bi-weekly payroll of $16,000.the entire payroll was subject to cpp(5.45%),ei(1.58%) and Income tax withholdings tax of $2112.Union dues of $200 were withheld. (a) Prepare the journal entries on Flounders books to record the wages and salaries period and the payroll deductions. (b) Prepare the journal entries on Flounders books to record the employer payroll contributions

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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.