Payroll entries. Total payroll of Walnut Co. was $1,840,000, of which $320,000 represented amounts paid to certain employees in excess of the $128,400 annual limit. The amount paid to employees in excess of $7,000 was $1,440,000. Income ta

Q: On January 14, the end of the first pay period of the year, a company's employees earned $32,000 of…

A: FICA Social Security Tax Payable = $32,000 x 6.2% = $1,984FICA Medicare Tax Payable = $32,000 x…

Q: Journalize the transactions shown

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

Q: Total payroll expense was recorded as $750,000 on the income statement. The payroll payable account…

A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…

Q: a. Purnell, Inc., has a semimonthly payroll of $53,900 on September 15, 20--. The total payroll is…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

A: Journal entries are recorded in a chronological manner and it forms first step in recording every…

Q: The corporation payroll for the first week in March was $35,000. The amount of income tax withheld…

A: Employer have responsibility of collecting the payment of taxes from employees and do payment of IRS…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: KA  Payroll Related Accounting       Assume a weekly payroll of $30,000 entirely subject to…

A: Assume a weekly payroll of $30,000 entirely subject to F.I.C.A. and Medicare (7.65%) taxes, with…

Q: Sandler Company completed the following two transactions. The annual accounting period ends December…

A: It is the first step to record financial transactions in the books of accounts that has dual effects…

Q: Ryan Company paid salaries for the month of June amounting to $240,000. Of this amount, $60,000 was…

A: The entire amount of money a company spends on employee pay is referred to as payroll expenses.…

Q: Total payroll of Walnut Co. was $2,760,000, of which $480,000 represented amounts paid in excess of…

A: Employers Payroll Tax: Employer payroll taxes are the component of payroll taxes that are the…

Q: Ultimate Accounting Services has the following payroll information for the week ending in December…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of…

A: Answer:-  Journal entry meaning:- The act of maintaining or creating records of any transaction,…

Q: The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of…

A: State unemployment tax payable= Earnings x State rate= $36000*5.40%= $1944 Federal Unemployment tax…

Q: according to a summary of the payroll of Scotland company, salaries for the. Were 500,000 federal…

A: Introduction: A journal is the official book of the firm in which all transactions are documented in…

Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

Q: Flounder industries had a total bi-weekly payroll of $16,000.the entire payroll was subject to…

A: Payroll deduction is the process of subtracting specific amounts of money from an employee's gross…

Q: The names of the employees of Hogan Thrift Shop are listed on the following payroll register.…

A: HOGAN THRIFT SHOP PAYROLL REGISTER FOR PERIOD YEAR ENDING Employee name Marital status No.…

Q: The payroll register of Wang Heritage Co indicates $1,848 of social security withheld and $462.00 of…

A: Payroll taxes are levied on workers and companies depending on salaries, gratuities, and wages…

Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

A: After withholdings have also been deducted from an employee's gross wage, net compensation is the…

Q: he payroll register of Chen Heritage Co indicates $2,472 of social security withheld and $618.00 f…

A: Given information, Social security withheld = $2,472  Total salaries = $41,200  Medicare tax…

Q: Write the journal entry 01/14/2022 (7a) Accrued $7,000 in salaries for the period 01/01 - 01/14.…

A: Accrued salary = $7,000 Federal income tax payable = 20% x $7,000 = $1,400 State income tax payable…

Q: Complete Accounting Services has the following payroll information for the week ended December 7.…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: The following is a payroll sheet for Metlock Imports for the month of September. The company is…

A: The journal entry can be defined as the process of accounting where the transaction is recorded in…

Q: The total payroll of Trolley Company for the manth of October, 2023 was $960,000, of which $780,000…

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

Q: Entry for payrolltax expense The payroll register of Clapton Co. indicates $11,340 of social…

A: Payroll taxes are imposed directly or indirectly on employers and employees. It is the percentage of…

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal: Recording of a business transactions in a chronological order.

Q: Determine the total employee withholdings

A:

Q: Robart Services  pays its employees monthly. The payroll information listed below is for January…

A: Tax expense is the amount of tax paid by the entity on its income. It is paid to the taxation…

Q: Payroll Tax Entries According to a summary of the payroll of Guthrie Co., $629,000 was subject to…

A: The payroll taxes refers to the taxes paid by the employer and employees on the salary and wages.…

Q: Lakeview Company completed the following two transactions. The annual accounting period ends…

A: Payroll:The payroll journal entry records the total wages earned by employees ($80,000) as an…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 787000*6.20% =…

Q: Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security…

A: The payroll accounting includes the recording of the payroll expenses, employees'…

Q: According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows:…

A: Accrued liabilities means liabilities which are due in current period, but not yet paid. These…

Q: The payroll register for Gamble Company for the week ended April 29 indicated the following:…

A: A.Prepare journal entry to record the payroll for the week of April 29.

Q: ) Journalize the payroll entry for the week. DATE   Debit Credit X/X…

A:

Q: Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is…

A: Taxable income: It is the portion of the income on which tax is calculated that is to be paid to the…

Q: The payroll register of heritage co. Indicates $3900 of social security withheld and $975 of…

A: Federal Unemployment Compensation taxes =$65,000×0.8%=$520   State Unemployment Compensation taxes…

Q: Qwan Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in…

A: Introduction:- The following basic information as follows:- The SUTA rate in Qwan Company's state…

Q: According to a summary of the payroll of PJW Co., $380,500 in earnings were subject to the 7.7% FICA…

A: Total payroll taxes include FICA taxes payable, state and federal unemployment taxes payable.

Q: What amount should be reported as total payroll tax liability?

A: Tax liability may be defined as the liability of the tax payer for the payment of the portion of the…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

A: Lets understand the basics. Gross pay is an amount payable to worker for work before taking into…

Q: Peyton Company's payroll for the year is $741,150. Of this amount, $472,770 is for wages paid in…

A: Federal income taxes are imposed in USA. The income tax is calculated by implementing tax rate which…

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.