Question Payroll Tax Entries According to a summary of the payroll ofBailik Co., $880,000 was subject to the 6.0% social security taxand the 1.5% Medicare tax. Also, $40,000 was subject to state andfederal unemployment taxes. a. Calculate the employer's payroll taxes,using the following rates: state unemployment, 5.4%; federalunemployment, 0.8%. b. Journalize the entry to record the accrualof payroll taxes. If an amount box does not require an entry, leaveit blank.

Q: answer must be in proper format or i will give down vote

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Q: Am. 111.

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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.