The following information pertains to a weekly payroll of Texera Tile Company: 1. The total wages earned by employees are $17,210. 2. The state unemployment insurance contribution rate is 3.5%. 3. The entire amount of wages is taxable under FICA, FUTA, and SUTA. 4. The amount withheld from the employees’ wages for federal income taxes is $1,890; for  state income taxes, $369.40; and for group insurance, $193.00. Journalize the payment of wages and record the payroll taxes for this payroll

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A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $128400*6.20% =…

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A:

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Q: The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of…

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A:

Q: You have been asked to prepare the entry to record the payroll on February 15, 20X1, for Hotel…

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

Q: Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages…

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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…

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A:

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

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

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Q: The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages…

A: Prepare journal entry to record payment of wages:

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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.