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.

Q: OCF analysis

A: Operating Cashflow Analysis  = Net Income + Depreciation and Amortization- Net Working capital

Q: Explain CMO Mechanics?

A: Collateralized mortgage obligation: It is a financial instrument that raises funds by…

Q: Service- industry example

A: Service industry: A service industry is an economic sector that delivers particular intangible…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Define value chain.

A: Value Chain: Value Chain is the combination of activities including all the costs to do such…

Q: Describe the functions and powers of ASIC

A: Australian securities and investment commission is a commission made in 1998 of Australian…

Q: Ifrs solution

A: According to the question given, we need to prepare the journal entries, and, the impairment…

Q: Define value drivers

A: Introduction: Value drivers are related to concept of free cash flow valuation model. This helps the…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Define risk

A: Risk can be defined as whenever there are chances that the investments’ actual outcomes are…

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

Q: Define the term Force account?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Define synergy

A:

Q: Define Ethics.

A: Ethics are a set of moral principles they affect how people in a society make decisions and how…

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.