he journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be:   Debit Credit Wages Expense 24,762.70   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FIT Payable   3,714.00 SIT Payable   55.25 Group Insurance Payments W/H   54.70 Cash   19,044.40 Example 6-7 The journal entry to record the payroll tax entry from Figure 6.1 on pages 6-2 and 6-3 would be (assume a SUTA tax rate of 3.0%):   Debit Credit Payroll Taxes 2,785.81   FICA Taxes Payable—OASDI   1,535.29 FICA Taxes Payable—HI   359.06 FUTA Taxes Payable   148.58 SUTA Taxes Payable   742.88 The employees of Donnelly Music Company earn total wages of $4,690 during January. The total amount is taxable under FICA, FUTA, and SUTA. The state contribution rate for the company is 3.6%. The amount withheld for federal income taxes is $685.   Journalize the payment of the monthly wages, and record the payroll taxes. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.   Account Debit Credit Payment of monthly wages   fill in the blank 991c94028034f85_2 fill in the blank 991c94028034f85_3     fill in the blank 991c94028034f85_5 fill in the blank 991c94028034f85_6     fill in the blank 991c94028034f85_8 fill in the blank 991c94028034f85_9     fill in the blank 991c94028034f85_11 fill in the blank 991c94028034f85_12     fill in the blank 991c94028034f85_14 fill in the blank 991c94028034f85_15             Payroll taxes   fill in the blank 991c94028034f85_17 fill in the blank 991c94028034f85_18     fill in the blank 991c94028034f85_20 fill in the blank 991c94028034f85_21     fill in the blank 991c94028034f85_23 fill in the blank 991c94028034f85_24     fill in the blank 991c9402803

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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.