Khang worked for two different employers. Until May, he worked for Wonderman Construction Company in Kansas City, Kansas, and earned $21,500. The state unemployment rate for Wonderman is 4.6%. He then changed jobs and worked for Buxmont Improvement Company in Mobile, Alabama, and earned $33,100 for the rest of the year. The state unemployment rate for Buxmont is 5.1%. Determine the unemployment taxes (FUTA and SUTA) that would be paid by each company. Round your answers to the nearest cent. Use Figure 5.1 to determine SUTA caps in Alabama and Kansas. a. Wonderman Construction Company $fill in the blank 1 b. Buxmont Improvement Company $fill in the blank 2

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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.