Peyton Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: Net FUTA tax $________ Net SUTA tax $_________ Total unemployment taxes $________

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: Payroll: It implies to a list of all the employees working in a company and the total compensation…

Q: Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31.…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $128400*6.20% =…

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: Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total…

A: First, we need to calculate the Social Security taxes. The rate is 6.2% and it applies to the wages…

Q: K Stone's gross pay for the week is $1,300. Stone's year-to-date pay is under the limit for OASDI.…

A: Payroll Tax: Any tax that is deducted from, assessed on, or levied against an employer's salary is…

Q: William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is…

A: Date Account Titles and Explanation Debit Credit   Payroll Tax Expense $6850…

Q: 1. Paying payroll 2. Recording employer payroll taxes 3. Paying employee and employer payroll taxes…

A: Let’s analyze the effects on net assets and Earnings per Share (EPS) for each of the…

Q: Lopez Company has a single employee, who earns a salary of $2,500 per pay perlod (or $60,000 per…

A: Given that: Salaries Expense = $2500 per pay period

Q: ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000…

A: The acronym SUTA stands for State Unemployment Tax which has been deducted for the unemployed…

Q: According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social…

A: Payroll Tax refers to those taxes that employers withhold from the wages or salaries of the…

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: 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: According to a summary of the payroll of PJW Co., $700,000 in earnings were subject to the 7.7% FICA…

A: Payroll taxes refers to the taxes that are applicable on the payroll expense of the entity. It…

Q: Required information [The following information applies to the questions displayed below) BMX…

A: Federal Income Taxes:-The Internal Revenue Service imposes a tax known as the federal income tax on…

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: Instructions 1. Compute the amounts to be reported for the year on each employee's Wage and Tax…

A: Amount receives as retirement, disability, and survivorship benefits from the Social Security…

Q: Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense…

A: Given in the question: FICA Rate 6.20% Gross Pay on first $137,700 FICA Medicare 1.45%…

Q: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize…

A: 1. a. Reference: b. Reference:

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

A: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a…

Q: Rand Company’s payroll on December 31 of the current year is as follows: Prepare the journal entries…

A: Payroll is the salary that a company is required to pay to its workers for a set period of time or…

Q: Kip Bowman is owner and sole employee of KB Corporation. He pays himself a salary of $1,500 each…

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

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: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: The objective of the question is to calculate the FICA Social Security, FICA Medicare, FUTA, and…

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

A: Requirement 1)a. Prepare the journal entry to record the payroll on December 30.

Q: Kip Lee is owner and sole employee of KB Corporation.  He pays himself a salary of $1,500 each week…

A: Payroll refers to the business's accounting record of all payments made by the employer to the…

Q: The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and…

A: Payroll taxes are the amount of tax liability that is to be paid on payment of salaries and wages to…

Q: Steven Ray has cumulative earnings of $6,580 and earned $840 during the current payroll period. If…

A: SUTA taxes means state unemployment taxes. For these taxes, employer needs to withhold amount from…

Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its…

A: The taxes that are paid by both the employer and the employee to support the country's employee…

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: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: Employees total earnings=$5,000 Federal Income tax Withheld=$1100 Social Security tax rate=6% =…

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

A: Calculate the taxes to be withheld from gross pay:

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Given information is: On July 5, Williams Company recorded sales of merchandise inventory on account…

Q: he payroll register of Seaside architecture company indicates $915 of Social Security and $177 of…

A: A record is frequently recorded in the primary ledger; however, it may alternatively be entered in a…

Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Gross earnings is the amount before any deductions but after expenses. It is sales revenue less cost…

Q: From the following information, calculate the payroll tax expense for Bowling Company for the…

A: Since cumulative payroll for the current payroll period is less than $127,700, all payroll for…

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.