Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay period show that employees earned wages totaling $72,000 but that employee income taxes totaling $11,400 and FICA taxes totaling $3,725 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. Assume Lightning Electronics also must pay $470 of unemployment taxes for this pay period. a. Record the wages expense for November 1-14 time period, including payroll deductions. b. Record the payroll tax expense

Q: rate. Hours worked Total Hours Reg. Rate Employee S M T Th F S Reg. O.T. Rectra, J. 7.5 8 10 9.25 7…

A: The regular wages of an employee is the direct labor cost and overtime wages are overhead cost.

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A: Salaries paid to the employee is subject to certain deductions like income taxes, Medicare taxes…

Q: Journalize the transactions shown

A: Calculate Salary expense = Gross salary - Tax payables - Insurance premium payables.

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Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records…

A: Salaries and wages expense = withheld income tax expense + FICA payable + Cash paid

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A: a.

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A: Requirement 1:   Compute the net pay.

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A: Payroll costs are business costs of salaries and wages being paid to employees. Until payroll…

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Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records…

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Q: lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records…

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Q: The total payroll of Waters Company for the month of October 2007 was $360,000. Taxable wages for…

A: If you have any questions let me know in comment box thankyou for your question.

Q: During the month of March, Sunland Company's employees earned wages of $77,000. Withholdings related…

A: Total Payroll tax expense = FICA taxes + State Unemployment taxes= $5,891 + $1,110= $7,001

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Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records…

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A: SOLUTION- NOTE- 1-FICA TAX PAYABLE -OASDI RATE IS 6.2% OF WAGES AND SALARIES PAID 2-FICA TAX…

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A: Your journal entries may not be visible if you use accounting software or outsource your accounting,…

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A: Payroll, or simply payroll, refers to the procedure through which workers of a firm are paid for…

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.