The following totals for the month of April were taken from the payroll register of Magnum Company: ​ Salaries $10,000 FICA taxes withheld 750 Income taxes withheld 2,000 Medical insurance deductions 450 Unemployment taxes 420 ​ The entry to record accrual of employer’s payroll taxes would include a   Question 16 options:   ​debit to Payroll Tax Expense for $1,170   ​debit to FICA Taxes Payable for $1,500   ​credit to Payroll Tax Expense for $420   ​debit to Payroll Tax Expense for $1,620

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A:

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A:

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.