Payroll Journal Entry Regular earnings $ 5,715.00 Overtime earnings   790.00 Deductions:           Federal income tax   625.00       Social Security tax   403.31       Medicare tax   94.32       Pension plan   80.00       Health insurance premiums   270.00       United Way contributions   100.00 Journalize the above data taken from the payroll register of CopyMasters as of April 15, 20—. Page:     DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT

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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.