he following is a payroll sheet for Teal Imports for the month of September 2020. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $128,400. In addition, 1.45% is charged both employer and employee for an employee’s wages in excess of $128,400 per employee. Unemployment Tax Name Earnings Aug. 31 September Earnings B. D. Williams $6,800 $900 D. Raye 6,300 800 K. Baker 7,400 1,200 F. Lopez 14,700 1,800 A. Daniels 116,600 12,900 B. Kingston 121,300 16,400 (a) Complete the payroll sheet. (Round answers to 2 decimal places Income Tax Withholding FICA State Federal

Q: Martin Jackson receives an hourly wage rate of $15, with time and a half for all hours worked in…

A: Formula: Net Amount = Gross Amount - All deductions.

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…

Q: a. Purnell, Inc., has a semimonthly payroll of $53,900 on September 15, 20--. The total payroll is…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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

A: Total unemployment taxes = FUTA unemployment taxes + SUTA unemployment taxes where, FUTA…

Q: Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total…

A: First, we need to calculate the Social Security taxes. The rate is 6.2% and it applies to the wages…

Q: An employee receives an hourly wage rate of $15, with time-and-a-half for all hours worked in excess…

A: Payroll accounting is a part of accounting which is made to record transaction made in the favor of…

Q: Employee Total Hours Hourly Rate Total Health Care M. Swift $14.00 S. Current $22.00 B. Wavey $18.00…

A: Payroll is the method used to compensate employees for the work they have completed. This involves…

Q: Burbaker Company pays its employees every other Friday. December 31, 2020, was a Sunday. On Friday,…

A: Payroll is the total amount of money that an association pays its workers over a given time period;…

Q: Cheyenne Hardware payroll for November 2020 is summarized below.           Amount Subject to…

A: GIVEN DATA    Cheyenne Hardware payroll for November 2020 is summarized below.           Amount…

Q: Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per…

A: Given that: Salaries Expense = $2500 per pay period

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

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

Q: ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000…

A: The acronym SUTA stands for State Unemployment Tax which has been deducted for the unemployed…

Q: Gilpin, Inc.'s payroll for November 2020 is summarized as follows:        Amount of Wages Subject…

A: Payroll Taxes of Employer The employer is liable to pay for FICA taxes ( social security &…

Q: Doug, an employee of Cayman Travels, Inc., has gross salary for March of $4,000. The entire amount…

A: The journal entry to record payroll taxes is:

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Ethel Corp. Has the following data for the month of March 2021: Gross Payroll…

A: The question is based on the concept of Payroll accounting. As per the Bartleby guidelines we are…

Q: mattola company is giving each of its employees a holiday bonus of $100. what will be the gross…

A: Step1. Add all taxes.FICA social security tax = 6.2%FICA medicare tax = 1.45%State Income tax =…

Q: The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that…

A: Please fallow the answer below: Solution:         As per the above given question is based on…

Q: The payroll register or Longboat Company indicates $5,400 of social security withheld and $1,350 of…

A: Compute state and federal unemployment compensation taxes as shown below:

Q: According to a summary of the payroll of PJW Co., $700,000 in earnings were subject to the 7.7% FICA…

A: Payroll taxes refers to the taxes that are applicable on the payroll expense of the entity. It…

Q: The following salaried employees of Mountain Stone Brewery in Fort Collins, Colorado, are paid…

A: We're tasked with calculating the net pay for several employees of Mountain Stone Brewery. The given…

Q: Answer please

A: Total payroll =250000 income tax =10%=25000 Remaining =250000-25000=225000 Remaining =225000 Union…

Q: The information listed below refers to the employees of Lemonica Company for the year ended December…

A: Given: Employer's phone number: (613)555-0029. Employer's State D reporting number 00596. Using The…

Q: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

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: An employee earns $5,950 per month working for an employer. The Federal Insurance Contributions Act…

A: Variables in the question:Gross Pay=$5950FICA tax rate for social security=6.2% FICA tax rate for…

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

Q: 14. Owl Corp. has the following data for the month of March 2021: P2,000,000 Gross Payroll…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the…

A: SUTA rate = 5.3% FUTA rate = 0.8% Also , it is given that the tax is to be applied for the first…

Q: Goofy Productions Limited had gross wages owing to their employees of $8,400 on March 31, 2022.…

A: In the context of the given question, we are required to compute the deduction and net pay owing to…

Q: Paula Ryan pays her two employees $410 and $650 per week. Assume a state unemployment rate of 5.4%…

A: Introduction:- A tax is a governmental organization's mandatory financial charge or other type of…

Q: 14. Ethel Corp. Has the following data for the month of March 2021: Gross Payroll P1,000,000…

A: Payroll refers to the total amount of money that a company pays to its employees for the work they…

Q: 3) The following payroll information relates to Jones Company. Fica Rate 6.2% on the first $117,000…

A: Introduction After payroll register is prepared, entry for totals of each payroll period is made to…

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: Pearl Hardware payroll for November 2020 is summarized below.           Amount Subject to Payroll…

A: The following calculations represent the schedule of the total cost of wages of the employer:

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: An employee earns $5,500 pe

A: Total gross pay to employee = Normal wages + Overtime wages After calculating gross wages, there are…

Q: Assume that social security taxes are payable at a 6% rate and Medicare taxes are payable at a 1.5%…

A: Employer payroll taxes constitute two elements, namely social security taxes and medicare taxes.…

Q: The payroll of Grich Company for September 2022 is as follows:   Total payroll was $960,000, of…

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

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.