Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Cumulative pay for the current year for each of its employees follows.

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 earned $61,700 during the year working for an employer. The FICA tax rate for Social…

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Q: e. Record any journal entries separately for the employees’ pay/withholding, fringe benefits, and…

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Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: est Company has nine employees. FICA Social Security taxes are 6.2% of the first $132,900 paid to…

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Q: An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social…

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A:

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

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A: Given data, Number of employees=25 Total wages and salaries expense=P9,000,000 per year Cost of…

Q: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…

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

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

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

Q: Toren Inc. employs one person to run its solar management company. The employee's gross income for…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

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Q: [The following information applies to the questions displayed below.] BMX Company has one employee.…

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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

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

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Q: Prepare the journal entry to record the January 31 payroll expense and salaries. The employer…

A:

Q: During one pay period, Star Valley Company distributes $137,500 to employees as net pay. The income…

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Q: Peyton Company's payroll for the year is $747,790. Of this amount, $468,730 is for wages paid in…

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

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A: FICA (Federal Insurance Contributions Act) taxes are social security and Medicare taxes that both…

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A: A journal entry has been used to record a commercial transaction in the accounting records of a…

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.