paid on beginning inventory 4,800 16. How much is the input tax? 17. How much is the value added tax payable?

Q: Required Information [The following information applies to the questions displayed below.] BMX…

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Q: How much sales tax liability does Stork Enterprises have for the month of May?

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A: Working  Particulars Tax Revenue P Non Tax Revenue P Total Revenue…

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A: Introduction: Net pay: Deduction of Federal income tax withholding and FICA from Gross earnings…

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Q: How much is the input tax?              How much is the value added tax payable?

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A: Step 1: Step 2:

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A:

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.