England, Inc., had the following payroll for March:   Officers’ salaries $39,000 Sales salaries 60,000 Federal income taxes withheld 21,000 FICA taxes withheld 7,900 Health insurance premiums withheld 2,500 Salaries (included above) subject to federal unemployment taxes 55,000 Salaries (included above) subject to state unemployment taxes 65,000

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

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

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

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: Recording Payroll and Payroll Taxes The following information about the payroll for the week ended…

A: “Since you have asked multiple questions, we will solve the first three sub-parts for you. If you…

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

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

Q: The following totals for the month of April were taken from the payroll register of Magnum Company:…

A: Journal entry for Payroll tax expense: Date Description Debit  Credit    Payroll tax…

Q: The following totals for the month of April were taken from the payroll records of Concord…

A: The entry to record the payroll expenses is  Particulars Debit (in $)  Credit (in $) Salaries…

Q: Recording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company’s…

A: Federal income taxes (FIT) are imposed in USA. Tax is calculated by applying tax rates which…

Q: The payroll register of Heritage Co. indicates $12,000 of social security withheld and $3,000 of…

A: Taxes and Deduction of: Social Security Tax Medicare Tax Employees Federal Income Tax  Retirement…

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: a. Journalize the entry to record the payroll for the week of July 15.* b. Journalize the entry to…

A: ournal: Recording of a business transactions in a chronological order.

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

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: In January, gross earnings in Kemstar Company totalled $90,000. All earnings are subject to Standard…

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

Q: Payroll entries The payroll register for Gamble Company for the week ended April 29 indicated the…

A: In terms of finance, payroll accounting ensures that a company pays its employees accurately. This…

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: The Pri had a total payroll of $148,600.34 for the first quarter of the current year. It withheld…

A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize…

A: 1. a. Reference: b. Reference:

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

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

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

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: Entries for Payroll and Payroll Taxes The following information about the payroll for the week…

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

Q: Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages…

A: The employer withholds the Employees Federal Income Tax payable from their Wages. The employer…

Q: Jones Corporation pays its employees monthly. The following information is available for the January…

A: Given the following information: Gross wages: $70,000 FICA rate: 8% Unemployment taxesFederal:…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

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

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Net Salaries Payable = Total salaries for the period - Total amount withheld = $65,000 - ($3,900 +…

Q: P10-3A  Recording Payroll and Payroll Taxes Beaumon Corporation had the following payroll for…

A: 2. Prepare the journal entry to record the payment of net payroll:

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal: Recording of a business transactions in a chronological order.

Q: ecording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company’s…

A: Solution:

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

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and…

A: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit…

Q: 1)Chester Company reported payroll for the month of January 2022 as follows: Total Wages Income…

A: The payroll tax liability is the total amount of the tax that is company liable for before any…

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: Recording Payroll and Payroll Taxes The following data are taken from Stockton Wholesale Company's…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Payroll tax is defined as the percentage that is withheld from the pay of the employee through…

Q: Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March:…

A: Salaries expense = Office salaries + Sales salaries = $ 390000 +$ 650000 = $ 1040000

Q: JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has fouremployees. All are paid on a…

A: Journal entries refers to recording of business transactions into the books and it is the very…

Q: Entries for Payroll and Payroll Taxes The following information about the peyroil for the week ended…

A: In this question, we have been given information related to the Payroll role, and on the basis of…

Q: Payroll entries. Total payroll of Walnut Co. was $1,840,000, of which $320,000 represented amounts…

A: (a) the journal entry for the salaries and wages paid.             Particulars Debit Credit…

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: The payroll register of Mountainside Architecture Company indicates $1,360 of Social Security and…

A: State Unemployment tax payable = taxable amount x  State Unemployment tax rate = 5200*5.4% = $280.80…

Q: Recording Payroll and Payroll Taxes The following information about the payroll for the week ended…

A: Journal Entries

Q: Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries…

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

Q: Beamon Corporation had the following payroll for April:   Officers' salaries $34,000 Sales…

A: Payroll refers to the employee's salary register that is maintained by the employer in which all…

Q: In January, gross earnings in Swifty Company were $42,000. The 7.65% FICA tax rate consists of the…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 42000*6.20% =…

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.