repare the entry to record January payroll tax expense

Q: Journalize the transactions shown

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

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Payroll taxes are the percentage of employee's salary that an employer has to pay to the government.

Q: 1-a. Calculate below the amounts for each of these four taxes of Regis Company.

A: Payroll taxes are the percentage of employee's salary that an employer has to pay to the government.

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 Scotland Company, $450,000 was subject to the 6.0% social…

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

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: 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: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Answer:- Payroll taxes are the percentage of employee's salary that an employer held to pay it to…

Q: Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages…

A: Social Security Tax Payable = Gross wages x Social security tax rate Medicare Tax Payable = Gross…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company’s employees earned…

A: Tax: It is the compulsory payment that arises on income of individual, corporate and other entities.

Q: Fanta Ltd has paid the following PAYG tax installments for the year ended 30 June:   September…

A: Pay As You Go (PAYG) Instalment is an amount of money placed in reserve to cover the tax liability…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Step 1: Calculate Employer Payroll Taxes- Calculate Federal Unemployment Taxes: $70,840 * 0.006 =…

Q: In January, gross earnings in Concord Company were $40,000. The 7.65% FICA tax rate consists of the…

A: Payroll accounting is a part of accounting through which an employer can effectively manage payroll…

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: Widmer Company had gross wages of $155,000 during the week ended June 17. The amount of wages…

A: Social Security tax payable = wages subject to social security tax ×6% = $139,500 × 6% = $8370

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

A: Payroll CalculationsSalaries:Sales salaries: $282,000Warehouse salaries: $155,000Office salaries:…

Q: Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNALENTRY Selected information from the payroll…

A: SUTA stands for "The State Unemployment Tax Act".  SUTA tax will be levied on the total unemployment…

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: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…

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 payroll register of Sara Company indicates $5,850 of social security tax withheld and $1,600 of…

A: Introduction: Payroll tax expense account is indeed the holding account used to keep track of the…

Q: In January, gross earnings in Bonita Company were $106,000. The 7.65% FICA tax rate consists of the…

A: Formula: Net Pay = Gross pay - all deductions. Deductions are carried out from gross pay derives the…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: In January, gross earnings in Oriole Company totaled $94,000. All earnings are subject to 7.65% FICA…

A: FICA Taxes payable = Gross wages × FICA Tax rate

Q: CALCULATION AND JOURNAL ENTRY FOR EMPLOYER PAYROLL TAXES Portions of the payroll register for…

A: Payroll taxes are the amount of taxes that is being payable on salaries payable to employees.

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: According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social…

A: A payroll tax is a tax  deducted (withheld) by an employer from an employee's salary who pays it to…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $700,000;…

A: Ramirez Company's July payroll process involves several key components, including recording accrued…

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: On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned…

A: Journal Entry - It is record of business transaction whether it is economic or non economic activity…

Q: Required Record the following in general journal form on May 31: a. Accrual of the monthly payroll.…

A: The salaries due to the employee is debited with the gross amount to salaries and wages expense by…

Q: The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and…

A: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit…

Q: At the end of October, the payroll register for Garden Marbles Corporation contained the following…

A: Formula: Federal unemployment tax amount = Unemployment deductions x federal unemployment tax rate…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Salaries payable is the amount of salary which is due but not yet paid.

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

A:

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.

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.