What amount should Goodensnake Ranch record as payroll tax expense?

Q: Journalize the transactions shown

A: Calculate Salary expense = Gross salary - Tax payables - Insurance premium payables.

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A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…

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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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A: GIVEN DATA    Cheyenne Hardware payroll for November 2020 is summarized below.           Amount…

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A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

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A: Total Payroll tax expense = FICA taxes + State Unemployment taxes= $5,891 + $1,110= $7,001

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Q: Determine the total employee withholdings

A:

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A: Requirement 1:   Pass a journal entry to record salaries expense.

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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.