Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.Salaries expense $600,000Federal and state income tax withheld $120,000Federal unemployment tax rate 0.80%State unemployment tax rate (after FUTA deduction) 5.40%Social Security (FICA) tax rate 7.65%Required:Record salaries expense and payroll tax expense for the January pay period.

Q: Sheridan Hardware payroll for November 2020 is summarized below. Payroll Wages Due FICA State…

A:

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

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

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

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

Q: 3. Tesla, Inc. pays employees at the end of each month. Payroll information is listed below for…

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

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: a.

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

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

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: FICA stands Federal Insurance Contributions Act, which is a US federal payroll contribution directed…

Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

A: Journal entries are recorded in a chronological manner and it forms first step in recording every…

Q: Jack's Lawn Service Company has the following information related to its current year payroll as of…

A:

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: Payroll expense is the expense incurred by an employer for the employment given by him. It includes…

Q: akarot Co. began business on January 2. Salaries were paid to employees on the last day of each…

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

Q: Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The…

A: Employer Payroll tax expense = Social Security tax + Medicare tax + FUTA tax + SUTA tax

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: Assuming no employees are subject to ceilings for their earnings, Jenkins  Company has the following…

A: Social security and Medicare tax rates are based on gross payroll. The federal income tax withheld,…

Q: 2. Record employer payroll taxes.

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

Q: Wolfpack Inc., a calendar year-end company, pays its employees on the last day of the month for work…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: Employees total earnings=$5,000 Federal Income tax Withheld=$1100 Social Security tax rate=6% =…

Q: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: The Journal Entries are represented as below:

Q: Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021,…

A: Compute income and payroll taxes for January 2021 as shown below:

Q: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: In this Numerical has covered the concept of Payroll.

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Federal income taxes are imposed in USA. The income tax is determined by applying tax rate which…

Q: Required: If an amount box does not require an entry, leave it blank. 1a.  Assuming that the…

A: Payroll accounting can be defined as the branch under the accounting system which records the…

Q: The summary of the payroll for the monthly pay period ending July 15 indicated the following:…

A: State Unemployment Tax Payable = Salaries Expense x state unemployment tax rate = 30000*3.1% = $930…

Q: Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Answer 1)

Q: Kakarot Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Federal income tax withheld: It is the amount withheld from the employees’ earnings by way of…

Q: The summary of the payroll for the monthly pay period ending July 15 indicated the following:…

A: Federal income taxes are imposed in USA. The income tax is calculated by implementing tax rate which…

Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: An entry in a payroll diary is a record of the salary that an employer gives to its employees.…

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

A:

Q: Wallace Corporation summarizes the following information from its weekly payroll records during…

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

Q: Based on the information below, Prepare the journal entry to record Regis’s (employer) payroll taxes…

A: 1). Journal Entry to record Regis's payroll taxes resulting from the Jan 8 payroll :- Date…

Q: Ehrlich Co. began business on January 2. Salaries were paid toemployees on the last day of each…

A: The payroll register is the employee register kept by the human resource department to record the…

Q: Cullumber Hardware payroll for November 2020 is summarized below.           Amount Subject to…

A: Applicable Tax Rates FICA- 7.65% (For Factory and Administration) FICA- 1.45% (For Sales- 21,300)…

Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…

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

Q: Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be…

A: Salaries are paid to employees net of the taxes and employees contribution withheld.  As per thr tax…

Q: Sheffield Consulting Inc's gross salaries for the biweekly period ended August 24 were $12,500.…

A: Salaries expenses include the following deduction = CPP Payable + EI payable  + income tax payable…

Q: According to a payroll register summary of Swifty Company, the amount of employees' gross pay in…

A: Payroll tax expense = FICA taxes payable + State unemployment taxes payable + Federal unemployment…

Q: Bart Consulting Firm has the following payroll information for the week ended March 20th: Name…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%,…

A: INTRODUCTION: A journal entry is a record of a commercial contract in a company's accounting system.…

Q: a. On December 31, calculated the payroll, which indicates gross earnings for wages ($310,000),…

A: A journal entry refers to the recording of the business transactions and events in the books of…

Q: The payroll of Pearl Company for September 2019 is as follows. Total payroll was $444,000, of which…

A: Working note: Computation of FICA taxes payable: Computation of FUTA and SUTA tax payable:

Q: Waterway Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes…

A: FICA taxes (Factory)=FICA amount×7.65%=$128300×7.65%=$9,815

Q: Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2, 20Y8.…

A: W-2 is the form that is filled by the employer stating the annual wage payments to the employees and…

Q: repare the entry to record January payroll tax expense

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Cullumber Hardware payroll for November 2020 is summarized below.           Amount Subject to…

A: Tax refers to the amount charged by the government from the company and individual on the income…

Q: The payroll register for D. Salah Company for the week ended May 18 indicated the following:…

A: Payroll tax expenses are the expenses which is related to payroll of an employee deduct by the…

Q: The employees of Boggus Ford earn wages of $15,600 for two weeks ending April 12. FIT taxes are $424…

A: Federal Insurance Contributions Act (FICA) tax: Federal government imposes taxes on the employees'…

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.