NFORMATION The following details relate to Judith, an employee of Saffron Limited, for 2021: Monthly salary after deductions....................................................................24 000 Employee's monthly deductions....................................................................16 000 Annual bonus.................................................................................................36 000 Employer's contribution to pension and medical aid funds per month...........3 600 Employee's contribution to pension and medical aid funds per month..........3 000 2. Calculate the total labour cost of Judith to Saffron Limited for 2021.

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: 4. The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to…

A: in this case reporting date is 31 dec 2019

Q: Assume an employee has a gross pay of $500 and vacation pay is paid out at 4%. How much extra gross…

A: Lets understand the basics.Vacation pay is payable to employee over and above gross pay when…

Q: mployee earnings records for Oriole Company reveal the following gross earnings for four employees…

A: FICA:FICA= Federal insurance contribution actThe federal insurance contribution act is a known as…

Q: paid a salary and earned $48,500 in 2021, what is the gross monthly earnings? What is the net…

A: The answer has been mentioned below.

Q: Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions…

A: Income tax payable=Gross pay×rate=$2,000×15%=$300

Q: Brown Company's salaried employees are paid biweekly. Occasionally, advances made to employees are…

A: Current liabilities: Liabilities that are due to be paid within one year or within one operating…

Q: k led 4 . 3 . 10 17 .24 . 31 Hours 40 40 40 44 48 46 Straight Time 700.00 700.00 700.00 700.00…

A: Payroll: It is the reward /compensation of employees  a business must pay to its employees after…

Q: Simon has a contract of employment with Looksee Bhd. Simon's income for the year ended 31 December…

A: It is the income of a taxpayer on which the revenue authorities will impose tax. The taxable is the…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

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

Q: Ethel Corp. Has the following data for the month of March 2021: Gross Payroll…

A: The question is based on the concept of Payroll accounting. As per the Bartleby guidelines we are…

Q: The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting…

A: According to the Federal Insurance Contributions Act, all employers are required to withhold one of…

Q: Eployees Salary Details Employee Total Hours Overtime our Income Tas Other Peyour Overtime Grees Pay…

A: Payroll Preparation of Payroll is to decide the how much compensation to paid to the employees for…

Q: The following are data available for the month of September 2021 of Saint James Corp.…

A: A. Accrued payroll = Gross earnings - Total deductions = P8500000 - (425000 + 85000 + 85000 +…

Q: Wages Hours Gross Cumulative Social Employees Expense Regular Overtime Pay Earnings Unemployment…

A: The journal entry for recording the employer's payroll taxes on a hypothetical payroll involves…

Q: Hayden Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the company…

A: Journal entry is the first step in the accounting. It is recorded to keep accounting transaction in…

Q: Assume the following payroll information for Jane Smith: Gross pay $10,000, Income tax $2,500, EI…

A: The objective of the question is to determine the journal entries to record the employer amounts of…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: A. Find the employer's FICA deductions for each of the following employ B. Find the amounts of the…

A: This question is based on the real time interest rate for social security, Medicare and FUTA. Total…

Q: Hours and rate 42 hours worked at P40/hr Earnings to date P14.00 Overtime rate 1 and % times the…

A: 1. Normal Wages Are for 40 hours 2. Regular wages = 40 x 40 = 1,600 2. Overtime has been paid for 2…

Q: Your friend shows you a summary of her compensation for the year as follows: Basic salary Overtime…

A: Gross pay = Basic salary + Overtime + 13th month pay & Bonuses = P 985000 + 60000 + 190000 = P…

Q: Gross salaries for the period are $27,500 The CPP employer and employee rate is 5.25% The El…

A: The journal entries are related to recording the business transactions in the accounting record of…

Q: A8     plaese help....

A: Since Marie-Claude is paid bi-weekly, there are 26 pay periods in a year (52 weeks ÷ 2 = 26). To…

Q: Empty fields company pays its salaried employees monthly on the last day of each month The annual…

A: Social security taxes are the tax which is deducted from the employee's salary at the time of…

Q: 1. The data below pertains to the earnings of Peter Castro for the week ended June 30,2020. Hours…

A: Solution Gross earning is an individual's Total earnings before taxation or other deductions.

Q: Calculation and Journal Entry for Employer Payroll Taxes Earnings for several employees for the…

A:

Q: The following information is noted on the year end payroll register for an employee employed with a…

A: Payroll Register: It is the slip or register in which the pay and allowances of the employees are…

Q: a.) In January 2021, NBDB incurred the following expenses for the salaries of its regular employees…

A:

Q: An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment…

A: FICA ( Federal Insurance Contribution Act) taxes refers to the deductions from the gross earnings of…

Q: 1.1)Calculate employee net salary for the week

A: The net salary is the amount of salary which is in order words, known as salary in hand means which…

Q: Present the computation of the taxable and non-taxable compensation income of the employee.

A: Computation of taxable compensation income of the employee Annual basic salary php     245,000.00…

Q: Below is the details of payroll for Ms Amirah as at 31st March 2021. Employee's Category Basic rate…

A: Gross Pay - It is the sum of all the monetary payment made to an employees without deduction of any…

Q: The employees of UMPISA NA NG KALBARYO COMPANY are paid biweekly. Occasionally, advances made to…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: What is the monthly net take home pay? *   A. P25,000       B. P24,486.67       C. P23,385       D.…

A: Compensation Income In Philippines compensation income which can be derived after deducting some…

Q: An employee in Manitoba earns a semi-monthly salary of $3,500 and has an outstanding employer loan…

A: Pay period is the time given to do the payment.CPP stands for "Current Purchasing Power". This…

Q: The following information is available regarding a company’s annual salaries and wages. What amount…

A:

Q: Use the percentage method to compute the federal income taxes to withhold from the wages or salaries…

A: Normally the employer must refer Form W-4 of the employee when the…

Q: bh.0

A: The objective of the question is to prepare a journal entry to record the payroll expenses for…

Q: Trenton Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the…

A: Bonus means the amount paid to employee for some extra effort. Bonus can be paid on net profit…

Q: Kenneth Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal…

A: Tax represents the liability paid to the government calculated on the income earned.

Q: On the printed "Worksheet" page, journalize the transactions the information from the "Transactions"…

A: Date Account Name Debit Credit Jan .15 Salaries Expense $1500     FICA Tax Expense ( 7.7%) $116…

Q: Calculate the EI and CPP for the following employees. Find the employer portion as well.…

A: Considering 2021 tax rates. For employee, EI tax rate is 1.58% for maximum insurable earning of $…

Q: Tollowing inrormation, prepare a general journal entry to

A: In Payroll accounting we debit the total amount payable as…

Q: If an employee has received over one million dollars in supplemental earnings for the year, any…

A: Federal income tax withholding:   The amounts which the employer withheld from employees’ gross pay…

Q: Assume that the payroll records of Bramble Oil Company provided the following information for the…

A: The charges incurred by an employer for taxes on employee earnings and salaries are known as payroll…

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.