Monthly payroll register Hanna Institute for January shows the following information: The salary for administrative employees is 20,000; faculty 300,000. Hanna shares 50% of the insurance premium per month. Total amount of installment is 10,000 and 2,500 will be deducted from bth departments. (admin and faculty) each. There are 5 faculty members with equal salaries; two of them are most senior and entitled 2 weeks paid leave every year. Mr Johnson, one of two senior members, received bonus of 1,000 for his last year's awesome result. Required: Journal entries to record payroll on January 31st.

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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.