Merger Company has 10 employees, each of whom earns $1,900 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.

Q: Calculate Payroll An employee earns $20 per hour and 1.5 times that rate for all hours in excess of…

A: GIVEN DATA     An employee earns $20 per hour and 1.5 times that rate for a hours in excess of 40…

Q: 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: e following information relates to CA Enterprises payroll for the month Jages Income tax withheld…

A: Payroll -Paying employees is known as payroll. For employees to get their paychecks, employers are…

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: 1. Show what Penske will report for the foregoing on its income statement for the year and on its…

A: Given in the question: Annual Payroll Expenses = $160,000 Company incurs payroll tax expenses = 9%

Q: 12 An employee earns $6,200 per month working for an employer. The Federal Insurance Contributions…

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

Q: Igo) Entries for payroll transactions LO P2, of the first weekly pay period of the year, Regis…

A: Payroll accounting is an accounting method of recording gross salaries and wages , applicable taxes…

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

A: Payroll taxes:The taxes that are payable by the employer as well as by employees on wages, bonuses,…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000;…

A: Answer:- FICA stands for the Federal Insurance Contributions Act and is deducted from each paycheck.…

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: None

A: These journal entries systematically capture the transactions associated with the payroll for March,…

Q: You have been asked to prepare the entry to record the payroll on February 15, 20X1, for Hotel…

A: To determine each employee's FICA tax liability, multiply their gross pay by 7.65%, as seen below.…

Q: H9.C2 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700…

A: Payroll It is important for the business entity to maintain the payroll expenses which are incurred…

Q: May 18 b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

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: 1. & 2. Using the above information, complete the below table and Prepare the journal entries to…

A: 1.

Q: Department Payroll Factory Sales Office Total Wages $77000 23000 $22430. 17000 O $8430. O $14830. O…

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

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: Exercise 9-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez…

A: Payroll ExpensesIt is important for the business entity to maintain the payroll payment and its…

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: QUESTION 25 XYZ Company is processing payroll for the week ending January 9th. Employee earnings…

A: Journal is the book of original entry in which all the financial transactions of the business are…

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: Department Payroll Factory Sales Office Total Wages $77000 23000 $22430. 17000 O $8430. O $14830. O…

A: The payroll taxes are the taxes that employers deduct from the salary of employees and deposit the…

Q: None

A: Detailed explanation:Employers are legally obligated to pay unemployment tax to help fund the…

Q: Payroll Entries The payroll register for Schmidt Company for the week ended April 29 indicated the…

A: A payroll journal entry is a financial accounting entry used to recordthat records the expenses…

Q: Basu Adventures has 15 employees each working 40 hours per week and earning $30 an hour. Federal…

A: To calculate the actual payroll payment for the first week of January, we need to calculate the…

Q: Payroll Entries The payroll register for D. Salah Company for the week ended May 18 indicated the…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: Problem 11-2A (Algo) Entries for payroll transactions LO P2, P3 On January 8, the end of the first…

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

Q: EXERCISE 8-2 On January 14, at the end of the second week of the year, the totals of Castle…

A: Solution:- Payroll tax Expenses: - Payroll tax expense consists of Employer’s FICA plus Employee’s…

Q: Complete table only

A: Employers are obligated to withhold federal payroll taxes from their employees' salaries and remit…

Q: Department Payroll Factory Sales Total Wages $77000 23000 Federal Income Tax Withheld $8000 4000…

A: The payroll taxes are the taxes that employers deduct from the salary of employees and deposit the…

Q: Journalize the January transactions. (Round answers to 2 decimal places, e.g. 15.25. Credit account…

A: An employer records and maintains the payroll register for payroll expenses. A payroll register…

Q: 28. Sweetman's Recording Studio payroll records show the following information: Cumulative Earnings…

A:

Q: P10-3A  Recording Payroll and Payroll Taxes Beaumon Corporation had the following payroll for…

A: 2. Prepare the journal entry to record the payment of net payroll:

Q: Exercise 11-10 (Algo) Recording payroll LO P2, P3 The following monthly data are taken from Ramirez…

A: Payroll Expenses It is important for the business entity to maintain the payroll payment and its…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Gross pay is the total amount that an employee earns for the work he/she does for the company.…

Q: On January 13, at the end of the second weekly pay period of the year, a company's payroll register…

A: Payroll: It refers to a financial worksheet that is prepared by the business to keep a record of all…

Q: Merger Company has 10 employees, each of whom earns $2,200 per month and has been employed since…

A: Solution:Journal entry:No. Account titles & explanationDebit $Credit $Mar. 31Payroll tax…

Q: Problem 10-55 (LO 10-4) CFG Company has the following employees: Edwardo Melanie Navach Wages Paid…

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

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.