Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal taxes withheld of $2,990, state taxes withheld of $920, and insurance premiums with held of $250. Prepare the journal entry to record Lexington’s payroll.

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

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

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: ng to a summary of the payroll of Scotland Company, $450,000 was sub cial security tax and $500,000…

A: The acronym SUTA stands for State Unemployment Tax which has been deducted for the unemployed…

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: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

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

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

A: Directly or indirectly employees and employers are liable for payroll taxes. The employer bore the…

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: The following totals for the month of April were taken from the payroll register of Waterway…

A: Definition:   Payroll tax: The costs incurred by an employer to pay the employee for his labor,…

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Journal entries: Date Account journal Debit $ Credit $ Jan 31 Salaries and wages expense…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: The financial transactions are initially recorded in the form of journal entry.

Q: according to a summary of the payroll of Scotland company, salaries for the. Were 500,000 federal…

A: Introduction: A journal is the official book of the firm in which all transactions are documented in…

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

A: The journal entry to record the monthly payroll on April 30 would include a debit to Salaries and…

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

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

Q: Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is…

A: Journal entry for payment of wages, and payroll taxes on 15 September

Q: According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0%…

A: 1. STATE UNEMPLOYMENT TAXES : = $20,000 X 4.2 % = $840   2. FEDERAL UNEMPLOYMENT TAXES : = $20,000…

Q: The following totals for the month of April were taken from the payroll records of Windsor, Inc..…

A: The process of documenting commercial transactions for the first time in the books of accounts is…

Q: Complete Accounting Services has the following payroll information for the week ended December 7.…

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

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Social Security tax = Taxable Earnings x Social Security tax rate = $500,000*6.00% = $30,000…

Q: According to a summary of the payroll of Guthrie Co., $560,000 was subject to the 6.0% social…

A: Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries…

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

A: Net amount payable = Gross salaries - FICA taxes withheld - Income taxes withheld - Medical…

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: According to a summary of the payroll of Scotland Company, salaries for the period were $400,000.…

A:

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

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: According to a summary of the payroll of Scotland Company, salaries for the period were $500,000.…

A: Social Security tax = Taxable Earnings x Social Security tax rate = $500,000*6.00% = $30,000…

Q: For the year ended December 31, 2022, Crane Electrical Repair Company reports the following summary…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

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 following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December…

A: All amounts are in dollar.

Q: The payroll register for Star Express & Company for the pay period ended January 31, 20--, showed…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 787000*6.20% =…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Accrued salaries states the liability amount remaining at the end of the reporting year for salaries…

Q: The following information about the payroll for the week ended December 30 was obtainls records of…

A: Payroll:- It is the amount which the employer pays to its employee for rendering services to…

Q: Complete Accounting Services has the following payroll information for the week ended December 7.…

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

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

A: A.Prepare journal entry to record the payroll for the week of April 29.

Q: Journalize the entry to record the accrual of payroll.

A: Given information is: According to a summary of the payroll of Scotland Company, salaries for the…

Q: The payroll register of Seaside Architecture Company indicates $840 of social security and $213 of…

A: Formula: State Unemployment Tax Payable = Total salaries x State Unemployment Tax rate Federal…

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: What amount should be reported as total payroll tax liability?

A: Tax liability may be defined as the liability of the tax payer for the payment of the portion of the…

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

A:

Q: Required:

A: Accounting cycle can be defined as the recording of the business transactions in such a order which…

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

A: State Unemployment Tax Payable = Earnings x 5.4% = $10,000 x 5.4% = $540 Federal Unemployment Tax…

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

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

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

A: Date Accounts Debit Credit   Payroll Tax Expense $1,170           FICA taxes Payable   $750…

Q: The payroll register of Seaside Architecture Company indicates $960 of social security and $260 of…

A: Payroll is the automation of settling the dues towards the employees of the organization and the…

Q: Complete Accounting Services has the following payroll information for the week ended December 7.…

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

Q: The following totals for the month of April were taken from the payroll records of Nash's Trading…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: SUTA is the state unemployment tax. The employers are required to pay SUTA taxes because these are…

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.