Selected columns of Envirocon Company's payroll register for March are as follows. The employer's Social Security tax amount has already been calculated as $3,124.34. The employees' FICA Medicare tax rate is matched by the employer. Payment Date Employees' Federal Income Tax Employees' Social Security Tax Employees' Medicare Tax March 7     1,125.00 686.43 108.75 14     1,250.00 764.22 121.08 21     1,385.00 845.22 133.91 28     1,357.00 828.47 131.25 Envirocon Company deposits taxes monthly. Required: In general journal form, record the entry for the April 15 payment of FICA and federal income taxes for employees and employer. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank.

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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.