Selected data from a February payroll register for Sheridan Company are presented below. Some amounts are intentionally omitted. Gross earnings:          State income taxes   $(3)    Regular   $8,400      Union dues   160    Overtime   (1)      Total deductions   (4)    Total   (2)   Net pay   $7,622 Deductions       Account debited:        FICA taxes   $ 765      Salaries and wages expense   (5)    Federal income taxes   1,053         FICA taxes are 7.65%. State income taxes are 4% of gross earnings.   Fill in the missing amounts. (Round answers to 0 decimal places, e.g. 125.) Gross earnings:            State income taxes   $    (3)    Regular   $8,400        Union dues   160      Overtime      (1)      Total deductions      (4)    Total      (2)   Net pay   $7,622   Deductions         Account debited:          FICA taxes   $765        Salaries and wages expense      (5)    Federal income taxes   1,053

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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.