The following information pertains to a weekly payroll of Fanelli Fashion Company:  a. The wages earned by employees are $2910 b. The state unemployment insurance contribution rate is 3.75% c. The entire amount of wages are taxable under FICA, FUTA, and SUTA d. The amount withheld from the employees' wages for federal income taxes is $491.00; for state income taxes, $49.10; and for group insurance, $87.10 Journalize the payment of wages, and record the payroll taxes for this payroll.                                    Account                      Debit             Credit Payment of wages ___________________________________________________________________________ ______________________________________________________________________________ ___________________________________________________________________________ ________________________________________________________________________________ _____________________________________________________________________________ ___________________________________________________________________________ __________________________________________________________________________   Payroll taxes          Account                              Debit              Credit ________________________________________________________________________ _______________________________________________________________________ __________________________________________________________________________ _________________________________________________________________________ ___________________________________________________________________________

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

A: Journal entry is the foremost reporting of the business transactions in the books. These are…

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: Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31.…

A: The business organizations enter the transactions into the journal for the purpose of keeping track…

Q: a. Purnell, Inc., has a semimonthly payroll of $53,900 on September 15, 20--. The total payroll is…

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

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

A: Total unemployment taxes = FUTA unemployment taxes + SUTA unemployment taxes where, FUTA…

Q: Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total…

A: First, we need to calculate the Social Security taxes. The rate is 6.2% and it applies to the wages…

Q: Paradise Hills Berry Farm has 21 employees who are paid biweekly. The payroll register showed the…

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A: 1.

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

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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: For tax purposes, assume that the maximum taxable earnings are $118,500 for Social Security and…

A: Payroll refers to the amount that should be paid to the workers of the company after deducting…

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: According to a summary of the payroll of PJW Co., $700,000 in earnings were subject to the 7.7% FICA…

A: Payroll taxes refers to the taxes that are applicable on the payroll expense of the entity. It…

Q: The payroll register of Ruggerio Co. indicates $13,920 of social security withheld and $3,480 of…

A: Journal entry to record the payroll tax expense for the period: Date Description Debit Credit…

Q: Assume that the MUST Co. pays a weekly payroll. Using the portion of the Wage Bracket Withholding…

A:

Q: The payroll register of Heritage Co. indicates $1,800 of social security withheld and $450.00 of…

A: AccountDebitCreditPayroll Tax Expense$2,826.60 Social Security Tax Payable $1,800Medicare Tax…

Q: Required information [The following information applies to the questions displayed below.] BMX…

A: The question is to solve for situation a only. Payroll taxes expense = FICA - Social Security taxes…

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: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

Q: $ 9,814.40 Total gross earnings of all employees: Total social security tax withheld: 608.49 Total…

A: Payroll tax is a tax which is used to deducted to social security and Medicare expenses of employees…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

A: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a…

Q: The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Rand Company’s payroll on December 31 of the current year is as follows: Prepare the journal entries…

A: Payroll is the salary that a company is required to pay to its workers for a set period of time or…

Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

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 payroll register of Seaside Architecture Company indicates $860 of Social Security and $211 of…

A: Federal tax=Unemployment compensation tax×0.8%=$5,300×0.8%=$42.4

Q: The payroll register of Wang Heritage Co indicates $1,848 of social security withheld and $462.00 of…

A: Payroll taxes are levied on workers and companies depending on salaries, gratuities, and wages…

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: b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes…

A: The payroll tax is defined as the portion of employees’ wages or salary withheld by the employer for…

Q: The following is a payroll sheet for Metlock Imports for the month of September. The company is…

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Q: 1. Depp Inc. completed its monthly payroll for the month of June, 2023. The payroll provided the…

A: Salaries are the payments made to employees for their work. Payroll taxes are taxes that employers…

Q: he payroll register of Seaside architecture company indicates $915 of Social Security and $177 of…

A: A record is frequently recorded in the primary ledger; however, it may alternatively be entered in a…

Q: The payroll register of Chupa Chup Engineering Services indicates $1,000 of social security withheld…

A: Employees and employers must pay payroll taxes on earnings and tips earned, as well as salary paid…

Q: The payroll register of Sara Company indicates $5,850 of social security tax withheld and $1,600 of…

A: Introduction: Payroll tax expense account is indeed the holding account used to keep track of the…

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.