The following totals for the month of April were taken from the payroll records of Noll Company. The employees pay 80% of the insurance premium. Salaries FICA taxes withheld Income taxes withheld Medical insurance premium Federal unemployment taxes State unemployment taxes $120,000 9,180 25,000 4,500 2,160 320 The entry to record the employer's payroll tax expense on 4/30 would include a O debit to Payroll Tax Expense for $37,560. O debit to Payroll Tax Expense for $2,480. O debit to State Unemployment Taxes Expense for $320. credit to Federal Unemployment Taxes Payable for $2,160.

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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.