Greensburg Inc. had the following payroll for October 2020:               Employee Wages                                           $90,000           Federal income tax withheld                          23,000           FICA                                                                 5,000           Health premiums deducted                             3,000           Salaries (included above)             subject federal unemployment             taxes                          90,000           Salaries (included above)             subject to state unemployment             taxes                          90,000      REQUIRED:    Present journal entries on October 31, 2020 to record: Accrual of the monthly payroll. Accrual of the employer's payroll tax. (Assume that the employer matches health premiums and the federal unemployment tax is 0.8%, and the state unemployment tax is 5.4%.)

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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.