following for the payroll of December

Q: Merger Company has 10 employees, each of whom earns $1,650 per month and has been employed since…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Francisco Company has 10 employees, each of whom earns $2,700 per month and is paid on the last day…

A: A journal entry is used in an accounting record for a business to describe a business transaction.…

Q: Question. Electronics Service Co. pays salaries monthly on the last day of the month. The following…

A: After deductions from gross pay, net pay is the amount of remuneration that remains distributable to…

Q: Merger Company has 10 employees, each of whom earns $2,200 per month and has been employed since…

A: A journal entry in an accounting system acts as a record of a financial transaction. It is usually…

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

A: FICA taxes are collected from the employee and employer, both. FICA consists of Social Security Tax,…

Q: Merger Co. has 10 employees, each of whom earns $2,100 per month and has been employed since January…

A: Social security  tax = 2100×10×6.2% =1302

Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,000, which…

A: Assets has debit balance and liabilities has credit balance. To increase Assets one should debit the…

Q: Empty Fields Company pays its salaried employees monthly on the last day of each month. The annual…

A: Payroll: The total sum due to the company's employees for a week, month, or other time period is…

Q: Required a. Determine the net pay for employee salary expenses on December 31, Year 1.

A: After deductions from gross pay, net pay is the amount of remuneration that remains distributable to…

Q: Sadie White receives an hourly rate of $30, with time and a half for all hours worked in excess of…

A: Formula used : Number of Excess hours worked = Total hours worked - Weekly working hours

Q: The names of the employees of Cox Security Systems and their regular salaries are shown in the…

A: Pay the Payroll for the Pay Period Ending December 26, for each employee.     Note: federal Income…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: Electronics Service Company pays salaries monthly on the last day of the month. The following…

A: After deductions from gross pay, net pay is the amount of remuneration that remains distributable to…

Q: Dixon Sales has six sales employees that receive weekly paychecks. Each employee earns $18.00 per…

A: Lets understand the basics.Journal entry is required to record for recording each of event and…

Q: Selected information from the payroll register of Joanie's Boutique for the week ended September 14,…

A: Given :  Social Security tax = 6.2% Medicare tax  = 1.45% FUTA tax  = 0.6%  SUTA tax =  5.4% on the…

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: Social Security(OASDI) program limits the wage amounts of earnings subject to taxation for a given…

Q: Compute the amounts in this table for each employee. For the company, compute each total for FICA…

A: ·      FICA – This is a US federal tax. It means Federal Insurance Contributions Act. This is…

Q: Hobby Hut has three employees.  Find the amount subject FUTA and the amount of the FUTA for this pay…

A: >FUTA stands for Federal Unemployment Tax Act. It is an act that imposes a payroll tax on…

Q: Electronics Service Company pays salaries monthly on the last day of the month. The following…

A: After deductions from gross pay, net pay is the amount of remuneration that remains distributable to…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…

Q: An employee earns $44 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A:

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

A: FICA taxes include Social Security and Medicare contributions. These taxes are deducted from the…

Q: An employee earns $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: The answer is as fallows

Q: Blossom Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…

A: The income of every individual is taxable at an ordinary tax rate. The income of an employee is…

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

A:

Q: Audrey Martin and Beth James are partners in the Country Gift Shop, which employs the individuals…

A: The official term for Social Security income benefits is the Old Age, Survivors, and Disability…

Q: A Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $650,…

A: Journal entries is the first step to record the financial transactions in the books of accounts that…

Q: Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January…

A: Total Earning for employees per month = Earning per employee x Total no. of employees =$2,000 per…

Q: Greer Utsey earned $49,100 in 2022 for a company in Kentucky. Greer is single with one dependent…

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

Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Empty fields company pays its salaried employees monthly on the last day of each month The annual…

A: Social security taxes are the tax which is deducted from the employee's salary at the time of…

Q: An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of…

A: Gross pay = ($17 x 40 hours+ $17*1.5 x 9 hours) = $909.50

Q: Employee AA is paid monthly. For the month of January, she earned a total of $8,260. The tax for…

A: . Employee AA’s net pay for the month is: $6302.94  explanation :  The computation of net pay is…

Q: A company has 10 employees, each of whom earns $2,200 per month and has been employed since January…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: McFriend Inc. records its liabilities for employees’ vacations at the end of each month. McFriend…

A: INTRODUCTION: Vacation pay is the remuneration that employees receive for accrued vacation days…

Q: November 15 Name and Title Annual Salary OASDI Taxable Earnings OASDI Tax HI Taxable Earnings HI…

A: Computation of taxes to be withheld from each officer's pay on (a) November 15: In 2020, the OASDI…

Q: Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…

A: FICA and FUTA Taxes FICA is a type of federal payroll tax in the US. Every paycheck is withheld…

Q: Merger Company has 10 employees, each of whom earns $1,600 per month and has been employed since…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…

A: Journal entries refers to the systematic documentation of the financial transactions of a company in…

Q: An employee earns $36 per hour and 1.75 times that rate for all hours in excess of 40 hours per…

A: Regular earnings = (40 hours x $36 per hour) = $1,440Overtime earnings = (60 hours - 40 hours) x $36…

Q: From the following information, calculate the payroll tax expense for New Company for the payroll of…

A: Answer:- Payroll taxes:- All taxes pertaining to a person's salary, wage, bonus, commission and tips…

Q: Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in…

A: Introduction:- The following basic information as follows:- The SUTA rate in Qwan Company's state…

Q: In 20--, the annual salaries paid each of the officers of Abrew, Inc., follow. The officers are paid…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

Q: An employee earns $16 per hour and 1.5 times that rate for all hours in excess of 40 hours per week.…

A: a. Gross pay for the week 1120.00   b. Net pay for the week 778.00           Working Notes:…

Q: In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000.…

A: Journal entry: It is prepared to record the financial and non financial transactions of the business…

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.