Kenz Limited employs its staff on a five-day working week. The weekly salaries is $15,000 and employees are paid in arrears on Friday. That is, when the employees are paid, the salaries paid are for work performed in the preceding week. Kenz Limited retains $5,000 per week to pay the Inland Revenue Department for pay-as-you-earn (PAYE) tax on behalf of the employees and $1,000 per week to pay staff medical benefits. Tax and medical benefits are paid on the following Monday and Tuesday of each week respectively. The end of the reporting period falls on a Wednesday. Required Prepare the accounting entries necessary to record the salary on balance day and its payments.

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

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

A: Tax is the amount which is to be paid to the tax authorities of a nation.

Q: An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of…

A: Gross earnings = Regular earnings + Overtime earnings = (40 hours x $15 per hour) + (6 hours x $15…

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: An employee receives an hourly rate of $18, with time and a half for all hours worked in excess of…

A: Introduction:- The following basic information as follows under:- Federal income tax withheld, $144…

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

A: Payroll taxes are the percentage of employee's salary that an employer held to pay it to the…

Q: The WGN Company has a bonus arrangement, which grants the financial vice president and other…

A: Introduction:- The finance vice president and other executives of the WGN Company are eligible for a…

Q: Liam Wallace is general manager of Countrywide Salons. During 2018, Wallace worked for the company…

A: The gross pay is the amount of total annual salary and bonus earned by an employee. The net pay is…

Q: Big Pine Tree Service has 18 employees, 12 with gross earnings of $350 per week and 6 with gross…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

Q: d in arrears (That is, when the employees are paid, the salaries paid are for work performed in the…

A: The reporting period is typically either for a month, quarter, or year. Organizations use the same…

Q: Nielson Corporation has three employees. Each employee is paid overtime at time and one-half…

A: Payroll Register A payroll register is a tool used to keep track of each employee's wage information…

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: A company pays its employees $2,100 each Friday, which amounts to $420 per day for the five-day…

A: Company pay it employees $2,100 on each Friday Per day pay =$ 420 per day for five days  Required…

Q: An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first…

A: Workings: Given value: FICA rate is 6.2 %

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: On January 8, the end of the first weekly pay period of the year, Regis Company’s employees earned…

A: Tax: It is the compulsory payment that arises on income of individual, corporate and other entities.

Q: Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator.…

A: Breakin Away company has asked to compute Gross pay and Net pay by considering various factors like…

Q: At Vision Club Company, office workers are employed for a 40-hour workweek on either an annual or a…

A: Calculate the annual salary of Employees LR, RB, & GL.

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: In September Manson Paint Corporation began operations in a state that requires new employers of one…

A:

Q: An employee receives an hourly rate of $23.00, with time and a half for all hours worked in excess…

A: After withholdings have also been deducted from an employee's gross wage, net compensation is the…

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

A: Payroll taxes is the percentage of employee's salary that an employer held to pay it to the…

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A: Solution:- Introduction:- FUTA and SUTA are two payroll taxes, which are also known as Federal…

Q: Thomas Longbow is the only employee of Presido, Incorporated During the first week of January,…

A: Amount of Employee Payroll Check= Income Earned  - Federal and State withholding tax  - FICA…

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A: The entire amount of fixed earnings earned during a specific time period is referred to as a…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

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Q: Jayne Company presently pays its employees at the end of each week. The weekly payroll totals…

A: The amount of money that is delayed for the payment can be referred to as the float amount. The…

Q: Dixon Sales has six employees that receive weekly paychecks. Each employee earns $14.00 per hour and…

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

Q: Sunland Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…

A: Journal is the recording of financial transactions which ahead help in preparing the ledgers, trial…

Q: Volpe Corporation has five employees who are all paid 1,020 per week. Compute the total FICA taxes…

A: Total payment to 5 employees=Income per week×5=1,020×5=5,100

Q: On January 15, the end of the first biweekly pay period of the year, North Company;s payroll…

A: Journal entry: It can be defined as the recording of financial events and transactions that have…

Q: Deep Mouse Designs has 14 employees within Denver City and County. The employees earned $9.80 per…

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

A: Answer 1)

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A: Gross Pay:   The total amount such as salary, wages, commissions, overtime, and bonus paid by an…

Q: Breakin Away Company has three employees-a consultant, a computer programmer, and an administrator.…

A: Computation is represented as below:

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

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

A: Journal Entry - It is record of business transaction whether it is economic or non economic activity…

Q: Roppongi Company incurred payroll for the week of 100,000, which consists of 70,000 earned by 20…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Nielson Corporation has three employees. Each employee is paid overtime at time and one-half…

A: Payroll is the salary register maintained by the HR department of the company which includes the…

Q: A company has four employees who each work 40 hours per week and earn $38 per hour. Federal tax on…

A: Payroll tax expense of employer includes social security tax , medicare tax and unemployment taxes.…

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

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Q: JYD Accounting Firm pays its employees at a rate of $50/hr. The tax and other deductions amount to…

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A: Given that: Number of Employees = 10 Pay per month = $1550 per month

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A: Form W-2: It is an IRS tax form that shows the salaries paid to the employees & the taxes…

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

A: Given that: Office salaries = $25760 Sales salaries = $70840

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A: Gross Pay: It is the total earning of the employee that includes both regular and overtime earnings.…

Q: a. Net FUTA tax b. SUTA tax

A: