repare the entry to record January payroll tax expense

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

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

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

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in…

A: Payroll accounting concerns with the payroll expenses of a firm. Payroll expenses does not only…

Q: Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages…

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

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: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $480,000;…

A: 1) Total premium % paid by employees Premium paid by employees Premium paid by employer…

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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 following totals for the month of April were taken from the payroll records of Concord…

A: The entry to record the payroll expenses is  Particulars Debit (in $)  Credit (in $) Salaries…

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 following payroll liability accounts are included in the ledger of Ayayai Company on January 1,…

A: In journal entries for the liabilities, the liability is debited and cash is credited.

Q: Widmer Company had grosswages of $320,000 during the week ended June 17. The amount of wages subject…

A: Journal entries are the reporting of the transactions in the books of accounts to maintain a record…

Q: In January, gross earnings in Kemstar Company totalled $90,000. All earnings are subject to Standard…

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

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: 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: During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA…

A: Given: SUTA tax rate = 4.8% The taxable payroll for FUTA and SUTA =$123,400

Q: Total payroll of a company was $2,820,000, of which $510,000 represented amounts paid in excess of…

A: Gross  Multiply: FICA rate   Wages to $128,400 (2820000-510000)          2,310,000 7.65%…

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: On January 21, the column totals of the payroll register for Great Products Company showed that its…

A: Journal entry: It is the activity of recording and summarizing business economic transaction in the…

Q: During January, Luxury Cruise Lines incurs employee salaries of $2.6 million. Withholdings in…

A: Salaries  payable will be balance  figure in first  entry

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: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…

Q: During the month of February, Bramble Corp's employees earned wages of $108,000. Withholdings…

A: Your journal entries may not be visible if you use accounting software or outsource your accounting,…

Q: Urban Window Company had gross wages of $248,000 during the week ended July 15. The amount of wages…

A:

Q: During January, Luxury Cruise Lines pays employees salaries of $2 million. Withholdings in January…

A: Given the following information: During January, Luxury Cruise Lines pays employees salaries of $2…

Q: England, Inc., had the following payroll for March:   Officers’ salaries $39,000 Sales salaries…

A: The journal entry is the entry where the financial transactions are recorded initially.

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: During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January…

A: Requirement 1:   Pass a journal entry to record salaries expense.

Q: On January 14, at the end of the second week of the year, the totals of Castle Company's payroll…

A: For the amount of  Social Security Tax and Medicare taxes  refer journal entry.

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: 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: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: The question is based on the concept of Financial Accounting.

Q: At the end of October, the payroll register for Garden Marbles Corporation contained the following…

A: Formula: Federal unemployment tax amount = Unemployment deductions x federal unemployment tax rate…

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

A: Taxable income: It is the portion of the income on which tax is calculated that is to be paid to the…

Q: During January, Luxury Cruise Lines incurs employee salaries of $2.3 million. Withholdings in…

A: Payroll taxes are those taxes which are being withheld from the salaries of employees and salaries…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: Note: As per our guidelines, only the first three subparts will be answered. 1 & 2.

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: During the month of February, Bridgeport Corp's employees earned wages of $79,920. Withholdings…

A: Given that total employees earned wages is $ 79920 Salaries and wages payable = Total employee…

Q: According to a payroll register summary of Swifty Company, the amount of employees' gross pay in…

A: Payroll tax expense = FICA taxes payable + State unemployment taxes payable + Federal unemployment…

Q: Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%,…

A: INTRODUCTION: A journal entry is a record of a commercial contract in a company's accounting system.…

Q: The payroll register for the Puhl Company for the week ended January 15th showed the following :…

A: The wages are the expenses of the company. The federal income tax withheld, roth IRA deductions,…

Q: The entry to record the payment of net payroll would include a

A: salaries and wages payable  = salaries- deductions = 90000-6885-19800-3600 = 59715

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

A: Formulas:

Q: On January 21, the column totals of the payroll register for Great Products Company showed that its…

A: Payroll is the total amount paid by the employer to its employee for the period and it includes all…

Q: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $380,000;…

A: The question is based on the concept of Financial Accounting.

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

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…

Q: In January, gross earnings in Swifty Company were $42,000. The 7.65% FICA tax rate consists of the…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 42000*6.20% =…

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.