The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of Medicare tax withheld on total salaries of $65,000 for the period. Federal withholding for the period totaled $14,250. Retirement savings withheld from employee paychecks were $2,600 for the period. Journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles.

Q: The payroll register for Kronberg Company indicates $13,200 of social security withheld and $3,300…

A: Total Salaries is the Gross Salary for the company to give out to the employees In a payroll…

Q: Journalize the transactions shown

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

Q: The payroll register of Seaside Architecture Company indicates $980 of social security taxes and…

A: Withheld tax applicable to employment income. A withheld tax is a type of income tax which paid to…

Q: Total payroll expense was recorded as $750,000 on the income statement. The payroll payable account…

A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…

Q: Determine the amount of Social Security and Medicare taxes to be withheld. If required, round your…

A: Particulars Wages % Amount Social Security Tax  $ 7,600 6.20% $ 471.20 Medicare Tax $ 8,400…

Q: Journalize Payroll Tax The payroll register of Heritage Co. indicates $3,900 of social security…

A: A payroll tax is a tax paid on the wages and salaries of employees to finance social insurance…

Q: Sage Corporation's weekly payroll of $12,000 included FICA taxes withheld of $918, federal taxes…

A: Weekly payroll refers to the process of calculating and distributing wages or salaries to employees…

Q: The payroll register or Longboat Company indicates $5,400 of social security withheld and $1,350 of…

A: Compute state and federal unemployment compensation taxes as shown below:

Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $216 of…

A: Journal entry is the primary step to record the transaction in the books of accounts. The expense…

Q: Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—:…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The payroll register of Seaside Architecture Company indicates $990 of social security taxes and…

A: Withheld tax applicable to employment income. A withheld tax is a type of income tax which paid to…

Q: The payroll journal for Northport Enterprises, Inc., is shown.  Social Security and Medicare are…

A: Income tax refers to the amount charged by the government from the individual and organizations on…

Q: An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this…

A: The journal entries are a crucial step of the accounting process as it records the accounting…

Q: The payroll register of Heritage Co. indicates $4,800 of social security withheld and $1,200 of…

A: Answer:-  Journal entry meaning:- The act of maintaining or creating records of any transaction,…

Q: The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of…

A: State unemployment tax payable= Earnings x State rate= $36000*5.40%= $1944 Federal Unemployment tax…

Q: Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for La…

A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: The payroll register of Patel Engineering Co. indicates $2,916 of social security withheld and $729…

A: Social security and Medicare tax: To give payments to retirees, widows, and surviving children, the…

Q: The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December…

A: GIVEN   Account No. Account Name Balance 211 Salaries Payable — 212 Social Security…

Q: The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of…

A: Journal Entry It is used to record the business transactions of an enterprises

Q: The following is a payroll register for Brown and Associates, for the week ended February 20:…

A: Given that: Salaries = $1,250,000 Social Security Tax Withheld  = $75,000 Medicare Tax Withheld  =…

Q: CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNALENTRY Selected information from the payroll…

A: SUTA stands for "The State Unemployment Tax Act".  SUTA tax will be levied on the total unemployment…

Q: The payroll register of Salem Communications Co. indicates 6.2% of social security withheld and…

A: Payroll taxes are the amount of tax liability that is to be paid on payment of salaries and wages to…

Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,956 of social…

A: 1. Gross salary = $32,600 2. Federal unemployment Tax = $10,100 x 0.6%=$60.60  3. State unemployment…

Q: The payroll register of Heritage Co. indicates $1,500 of social security withheld and $375 of…

A: The objective of the question is to record the payroll for the period in the company's journal. This…

Q: . The payroll register of Seaside Architecture Company indicates $970 of social security and $257 of…

A: Lets understand the basics. Journal is required to make to record event and transaction that…

Q: According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows:…

A: Accrued liabilities means liabilities which are due in current period, but not yet paid. These…

Q: Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The payroll register of Seaside Architecture Company indicates $820 of social security and $219 of…

A: Solution:- Preparation of journal entry to record the employer payroll taxes expense as follows…

Q: ) Journalize the payroll entry for the week. DATE   Debit Credit X/X…

A:

Q: The payroll register of Castilla Heritage Co indicates $2,790 of social security withheld and…

A: Federal Unemployment Taxes = Taxable earnings x Federal Unemployment Taxes rate State Unemployment…

Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…

A: The primary reporting of transactions in the books of accounts is referred to as journal entries.

Q: The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of…

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

Q: The payroll register of Seaside Architecture Company indicates $990 of Social Security and $258 of…

A: Salaries Payable = Salaries Expense - Social Security Tax - Medicare Tax - Federal Income Tax =…

Q: At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants…

A: Payroll Deduction: This includes all the amount that is withheld by the employer from the gross…

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.