Salaries expense FICA-Social Security taxes withheld FICA-Medicare taxes withheld Federal income taxes withheld Medical insurance premiums withheld Union dues withheld 9,500 (1) Prepare the May 31 journal entry to record (accrue) the employer's payroll for May. (2) Prepare the June 2 journal entry to record payment of the May payroll. (3) Prepare the May 31 journal entry to record the employer's payroll taxes. The federal and state unemployment tax rates are 0.6% and 5.4%, respectively, on the first $7,000 paid to each employee. The portion of May wages and salaries subject to these taxes were $6,000. 589 138 1,300 415 205

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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.