Greenwell Ltd. located in Alberta has a workers' compensation premium rate of $4.55 per $100.00of assessable payroll. The actual assessable payroll for the previous year consisted of: regular salaries and wages of $678,750.00, overtime pay of $12,700.00, work related bonuses of $52,000.00, vacation pay of $85,250.00 and taxable benefits of $11,300.00. Estimate the organization's assessment for this year

Q: Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages…

A: Journal: Recording of a business transactions in a chronological order.

Q: Calculate the total profit or loss expenses for post-employment benefits for the year and the…

A: Total Remuneration of Employees for the year ended 2020 Salary paid during the year $10.50…

Q: An employee earned $61,700 during the year working for an employer. The FICA tax rate for Social…

A: The employee has earned $ 61700 during the year

Q: Pharoah’s Potomac River Tours provides workers’ compensation insurance for its employees. The…

A: Formula: Compensation premium = Estimated Gross payroll  x  Premium rate  Multiplying gross payroll…

Q: Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers'…

A: Given that: Estimated payroll = $84000 Insurance premium = 0.6%

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Date Account Titles and Explanation Debit Credit   Payroll Tax Expense $6850…

Q: An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period…

A: Federal Insurance Contributions Act tax:   It is a federal payroll contribution that is directed for…

Q: est Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 paid to…

A: Computation of each total for FICA Social Security taxes, FICA Medicare taxes, FUTA taxes, and SUTA…

Q: Nakajima Company provides its employees with vacation benefits and a defined contribution pension…

A:

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Federal Unemployment Tax Act (FUTA): The federal unemployment tax is welfare scheme of a social…

Q: Ryan Company paid salaries for the month of June amounting to $240,000. Of this amount, $60,000 was…

A: The entire amount of money a company spends on employee pay is referred to as payroll expenses.…

Q: Blount Company provides its employees with vacation benefits and a defined contribution pension…

A: From the perspective of the Blount company Vacation pay is an expense and therefore it is debited…

Q: An employee earned $61,700 during the year working for an employer. The FICA tax rate for Social…

A: Unemployment Taxes: These are the taxes paid by employers to fund or finance the federal and state…

Q: During the month of February, Sunland Corporation's employees earned wages of $73,900. Withholdings…

A: Accounting journals are used to keep track of business transactions before posting them to the…

Q: In addition to wages, direct manufacturing labor-related costs include pension contributions of…

A: Budgeting: Standard costs are used as building blocks for preparation of budget and permits for the…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Answer:- Payroll taxes are the percentage of employee's salary that an employer held to pay it to…

Q: "Stone Corporation has 25 employees and incurs total wages and salaries expense of P9,000,000 per…

A: Given data, Number of employees=25 Total wages and salaries expense=P9,000,000 per year Cost of…

Q: During the month of March, Preston Company's employees earned wages of $90,000. Withholdings related…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: During the month of February, Swifty Corporation's employees earned wages of $102,000. Withholdings…

A: To prepare the journal entries for salaries and wages expense, salaries and wages payable, and…

Q: Martin Services Company provides its employees vacation benefits and a defined contribution pension…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The expense…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

A: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a…

Q: compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both…

A: Federal tax:- It is a U.S based income tax levied on an individual or company, firms etc on the…

Q: The following is a payroll sheet for Metlock Imports for the month of September. The company is…

A: The journal entry can be defined as the process of accounting where the transaction is recorded in…

Q: The total payroll of Trolley Company for the manth of October, 2023 was $960,000, of which $780,000…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: As the new Accountant, you were reviewing the payroll system of the company. You noticed that…

A: Regular compensation is paid in form of wages and other fixed allowance to employees for performing…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: An employee had $24,300 in gross earnings up to February 20, 2021. She has the following information…

A: Payroll refers to the total compensation that is paid to employees of the company by the employer.…

Q: Present the computation of the taxable and non-taxable compensation income of the employee.

A: Computation of taxable compensation income of the employee Annual basic salary php     245,000.00…

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Q: In addition to wages, direct manufacturing labor-related costs include pension contributions of…

A:

Q: Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total…

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

Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

A: Step 1 The unemployment taxes (FUTA) of $42 is obtained by multiplying the earnings of $7,000 with…

Q: Fukushima Company provides its employees with vacation benefits and a defined contribution pension…

A: a) Prepare journal entry to record vacation pay expense.

Q: During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related…

A: All payroll deductions related to the employees of Oriole Company must be deducted from gross wages…

Q: In a recent pay period, Blue Company employees have gross salaries of $18,960. Total deductions are:…

A: Please find the calculations of the Company's total payroll expense in Step 2 below.

Q: Per record, total payroll is 1,000,000, net of deductions from employee’s salary which includes…

A: Direct labour cost is the labour cost which is directly related to…

Q: Roppongi Company incurred payroll for the week of 100,000, which consists of 70,000 earned by 20…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Calculate the Workers' Compensation premium owing for an employer in Ontario with assessable…

A: Workers' Compensation Premium can be simply put as insurance coverage undertaken by employers for…

Q: Willamette Manufacturing estimated that its total payroll for the coming year would be $650,000. The…

A: rate of premium=0.3%

Q: If an employee has received over one million dollars in supplemental earnings for the year, any…

A: Federal income tax withholding:   The amounts which the employer withheld from employees’ gross pay…

Q: For each circumstances, calculate the SUTA tax owed by the employer. Assume a SUTA tax rate of 3.4%…

A: To calculate the State Unemployment Tax Act (SUTA) tax owed by the employer, we need to determine…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

A: Lets understand the basics. Gross pay is an amount payable to worker for work before taking into…

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.