Gross payroll $19,738 Federal income tax withheld $2,900 Social security rate 6% Federal unemployment tax rate 0.8% Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of

Q: Peyton Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in…

A: Introduction: Taxable income: Tax is calculated on taxable income only. Formula: Total unemployment…

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

A: Journal entry refers to the recording made by the business in the books of accounts, of all the…

Q: Name   No. of Earnings Deductions   Marital W/H   (a) (b) (c) FICA (d) (e) (f) (g) Status Allowances…

A: Payroll taxes: Payroll tax can be defined as the amount of tax withheld from the salary of the…

Q: May 18 b. Journalize the entry to record the payroll tax expense incurred for the week of May 18.…

A: Journal entry: This is the first step to record accounts. It is written in the same order in which…

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: In January, gross earnings in Sheridan Company were $78,000. The 7.65% FICA tax rate consists of the…

A: FICA : It is a mandatory payroll tax and it includes Medicare tax and social security tax.

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: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $2,346 of social…

A: State unemployment tax = earnings subject to state and federal tax × 5.4%

Q: Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to…

A: Social security and Medicare tax are the taxes which are imposed by the central government to fund…

Q: In January, gross earnings in Concord Company were $40,000. The 7.65% FICA tax rate consists of the…

A: Payroll accounting is a part of accounting through which an employer can effectively manage payroll…

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: 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: Salaries: Deductions: Sales salaries $330,000 Income tax withheld $116,600 Warehouse salaries…

A: As per the records of Boltz co. Salaries expenses are given. As per the requirement we have to pass…

Q: 6. Journalize the payroll entries from the following information: Salaries $120,000; Income Tax…

A: In the given question we are required to journalize the given transaction. The journal entry for the…

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

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: JOURNALIZING AND POSTING PAYROLL ENTRIES Oxford Company has fiveemployees. All are paid on a monthly…

A: Payroll expenses are the total amount of salaries and wages which is paid to employees in exchange…

Q: Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $520,000. The…

A: 1.

Q: Journalize Payroll Tax The payroll register of Wang Engineering Co. indicates $966 of social…

A: State unemployment tax payable = 5000×5.4% =$270

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: 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…

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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: Journalize this transaction: Payroll cost was $12,000, there was Federal Income Tax withheld of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

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

A: Journal entry is always needed to make to record event and transaction that occurs during a…

Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…

A: An income tax is kind a type of tax that governments impose on income generated by businesses and…

Q: PROBLEM 8-2A Complete Accounting Services has the following payroll information for the week ended…

A: Since you have asked questions with multiple questions,we will solve the first 1 question for you,If…

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

A: answers Description Debit Credit Sales Salaries Expense $135,000   Office Salaries…

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: Journalize payroll taxThe payroll register of Heritage Co. indicates $4,200 of social security…

A: The payroll accounting includes the recording of the payroll expenses, employees'…

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

A: Solution:- a)Journal Entry to record the payroll expense as follows:- Working notes:- Social…

Q: Rand Company’s payroll on December 31 of the current year is as follows: • total payroll, $500,000 •…

A: Introduction:- Preparation of the journal entries for Rand’s payroll and payroll taxes as follows:-…

Q: Example 4-9 From the above example, if you indicate separately on Robinson’s paycheck stub the…

A: Payroll tax can be defined as the amount of tax withheld from the salary of the employee and paid to…

Q: Summary Payroll Data Assume that the social security tax rate is 6% and the Medicare tax rate is…

A: The income paid to an employee is comprised of various components that make the total income. Taxes…

Q: Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied…

A: Social security Tax: Tax that provides income and other services to the elderly, the disabled, and…

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: alize Payroll Tax The payroll register of Patel Heritage Co indicates $1,986 of social security…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: Caribbean Tours’ total payroll for the month of January was $600,000. The following withholdings,…

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

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

A:

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: Summary Payroll Data In the following summary of data for a payroll period, some amounts have been…

A:

Q: In January, gross earnings in Concord Company totaled $88,000. All earnings are subject to 7.65%…

A: Formulas:

Q: The totals from the first payroll of the year are shown below.​ Total Earnings FICA OASDI FICA…

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

Q: Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $1,860 of social…

A: Payroll is the system related to the recording and maintenance of salary structure in the…

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

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

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.