he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit Credit Wages Expense 24,762.70   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FIT Payable   3,714.00 SIT Payable   55.25 Group Insurance Payments W/H   54.70 Cash   19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):   Debit Credit Payroll Taxes 2,785.81   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FUTA Taxes Payable   148.58 SUTA Taxes Payable   742.88 The employees of Donnelly Music Company earn total wages of $4,690 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 3.6%. The amount withheld for federal income taxes is $685.   Journalize the payment of the monthly wages, and record the payroll taxes. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.   Account Debit Credit Payment of monthly wages   fill in the blank 991c94028034f85_2 fill in the blank 991c94028034f85_3     fill in the blank 991c94028034f85_5 fill in the blank 991c94028034f85_6     fill in the blank 991c94028034f85_8 fill in the blank 991c94028034f85_9     fill in the blank 991c94028034f85_11 fill in the blank 991c94028034f85_12     fill in the blank 991c94028034f85_14 fill in the blank 991c94028034f85_15             Payroll taxes   fill in the blank 991c94028034f85_17 fill in the blank 991c94028034f85_18     fill in the blank 991c94028034f85_20 fill in the blank 991c94028034f85_21     fill in the blank 991c94028034f85_23 fill in the blank 991c94028034f85_24     fill in the blank 991c9402803

Q: The following totals for the month of April were taken from the payroll register of Sheffield…

A: Journal entry is the primary reporting of the business transactions in the books of accounts. These…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: Expense booking entry will be Wages expense Ac Dr 5064.5 to Net payroll payable 5064.5 being expense…

Q: Record payroll for period.

A: Payroll is the list of amount due to each employee in return of services rendered by them. The net…

Q: During the month of January, an employee eamed $5,100 of salary. Withholdings from the employee's…

A: Journal entry means:- A journal entry serves as a record of a company transaction in the accounting…

Q: Question 3 6 p An employee has total gross wages of $7,000, federal withholding of 15% and state…

A: Payroll taxes generally includes the FICA Tax as well as withholding tax which will be levied on the…

Q: taxes, and employee fringe benefits LO2, 3, 4 s payroll register for the week ended March 16, 2018:…

A: Payroll  entries show detailed record relating to salaries or wages of employees along with its…

Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…

A:

Q: Required: 1-a. Calculate below the amounts for each of these four taxes of Regis Company. Regis's…

A: 1.1.) Regis Company'sTaxJanuary Earnings Subject to TaxTax RateTax AmountFICA- Social…

Q: D. JUuTIan2c tie Ch C. Journalize the entry to record the payment of the payroll. Obj. 2 EX 10-11…

A: Calculation of payroll tax Particulars Amount Social security tax (110000*6%) 6600 Medicare…

Q: In order to confirm the previous clerk's payroll calculations, you have been asked to supply the…

A: Payroll subject to federal and state unemployment taxes=Federal Unemployment Tax PayableFederal…

Q: On March 31, the Federal Unemployment Tax Payable account in the general ledger of The Argosy…

A: The journal entry is the primary reporting of the transactions of a business in the books of an…

Q: I need some help with requirement 3.

A: In part 2, entry would have been  Wages A/c                             $xx         To Wages Payable…

Q: Kendall, who earned $128,400 during 2021, is paid on a monthly basis, is married, (spouse does not…

A: Federal withhold Taxes The sum of federal income tax deducted from an employee's wages is known as…

Q: Journalize the following transactions of Constantino General Services. June Received a 25-day 10%…

A: July 26- Interest Receivable = 52,500 x 10% x (60/365) = 360 July 21- Interest Expense = 36,000 x 6%…

Q: Biweekly Cash Allowance Salary a. $2,572.50 $40.00 b. $3,150.00 $75.00 c. $ 892.50 $25.00 d.…

A: CPP: An individual receives a taxable benefit after retirement from the Canada Pension Plan (CPP).…

Q: ournalize period F

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

Q: None

A: Step 1:Introduction or Overview of the QuestionThe question requires determining the debit amount…

Q: he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit…

A: a. Record journal entry for payment of wages, payroll and withhold taxes payable as shown below:…

Q: The following totals for the month of April were taken from the payroll records of Sheridan Service…

A: Salaries and wages expense refers to the total amount of money that a business pays to its employees…

Q: Use the following information for the Exercises below. (Algo) The following information applies to…

A: Taxes on Social Security:The Federal Insurance Contributions Act (FICA) mandates a payroll tax and…

Q: Using the Payroll Journal (PRJ01) for XY Consumer Products, the Total Gross Pay is: $1,228.58…

A: 1. List the Gross Pay Amounts: Start by listing out all the individual gross pay amounts provided in…

Q: The following totals for the month of April vwere taken from the payrall records of Marigold Corp.…

A: The entry to record the payment of net payroll include a debit to Salaries and Wages Payable  =…

Q: REGISTER - PANCAKES UNLIMITED FICA Taxable Earnings Deductions Previous Earnings Cumulative for…

A: State income tax withholding is also calculated on a similar fashion but is dependent on the…

Q: trying to learn payroll pls explain step by step thank you! Payroll Journal Entry Regular earnings…

A: Journal entries are prepared to record the financial and non-financial transactions of the business.

Q: JOURNAL     Page  43             DATE DESCRIPTION POST. REF. DEBIT CREDIT 20--           Nov. 6…

A: In the context of the given question, we should answer the questions asked from the journal entries.…

Q: EXERCISE 8-6 On September 30, Cody Company's selected account balances are as follows: Employees'…

A: The employer records the tax payable to the income tax authority as a liability. The employer pays…

Q: Based on the payroll information for Romac Electric that follows. Total gross earnings: $2,462.00…

A: Tax refers to the compulsory or mandatory obligation which is financially imposed on the taxpayer…

Q: am. 107.

A: Detailed explanation:The transaction to be recorded is the issuance of check to deposit/pay the…

Q: A company showed the following information in its payroll register for the week ended March 16,…

A: Payroll deductions refer to the various amounts that are subtracted from an employee's gross pay to…

Q: Problem 8-74A Payroll Accounting Jet Enterprises has the following data available for its April 30,…

A: Social Security 6.20% Medicare 1.45% Federal Unemployment 0.70% State unemployment 0.90%…

Q: 3 ts erences Paradise Hills Berry Farm has 25 employees who are paid biweekly. The payroll register…

A: Journal entries are those which are recorded for every transaction which takes place during the…

Q: Plz need it in less than 15 min

A: Total Gross Earnings of all Employees = $9814.40 Total Social Security Tax Withheld = $608.49 Total…

Q: In the following summary of data for a payroll period, some amounts have been intentionally omitted:…

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

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.