The following information pertains to a weekly payroll of Texera Tile Company: a. The total wages earned by employees are $17,500.b. The state unemployment insurance contribution rate is 3.5%.c. The entire amount of wages is taxable under FICA, FUTA, and SUTA.d. The amount withheld from the employees' wages for federal income taxes is $1,950; for state income taxes, $372.60; and for group insurance, $192.00.   ournalize the payment of wages, and record the payroll taxes for this payroll. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.   Account Debit Credit Payment of wages                                                               Payroll taxes

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…

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A:

Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

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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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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: According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social…

A: Payroll Tax refers to those taxes that employers withhold from the wages or salaries of the…

Q: Jack's Lawn Service Company has the following information related to its current year payroll as of…

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

A: To determine each employee's FICA tax liability, multiply their gross pay by 7.65%, as seen below.…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

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

Q: The payroll of Buffalo Company for September 2019 is as follows. Total payroll was $468,000, of…

A: Debit the salary, salary and company payroll taxes you paid. This will increase your expenses for…

Q: Journalize the payment of wages, and record the payroll taxes, assuming that the contribution of the…

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

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Q: According to a summary of the payroll of Kirby Co., $380,500 in earnings were subject to the 7.6%…

A: Payroll taxes refers to the taxes that are applicable on the payroll expense of the entity. It…

Q: For all payroll calculations, use the following tax rates and round amounts to the nearest cent…

A: Prepare journal entry to record accrual of employer payroll taxes 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: The names of the employees of Hogan Thrift Shop are listed on the following payroll register.…

A: HOGAN THRIFT SHOP PAYROLL REGISTER FOR PERIOD YEAR ENDING Employee name Marital status No.…

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: 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 payroll of Sandhill Company for September 2019 is as follows. Total payroll was $508,000, of…

A:

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: Jones Corporation pays its employees monthly. The following information is available for the January…

A: Given the following information: Gross wages: $70,000 FICA rate: 8% Unemployment taxesFederal:…

Q: The payroll register of Sara Company indicates $5,850 of social security tax withheld and $1,600 of…

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Q: The following information pertains to a weekly payroll of Fanelli Fashion Company:  a. The wages…

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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: According to a summary of the payroll of Guthrie Co., $610,000 was subject to the 6.0% social…

A: Social Security tax payable = Gross payroll x Social Security tax rate = 610000*6% = $36,600…

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

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Q: The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of…

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

A: A payroll tax is a tax  deducted (withheld) by an employer from an employee's salary who pays it to…

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

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Q: The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and…

A: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit…

Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of…

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Q: --

A: In Pay roll accounting first we have to record  wages as an expense […

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: Wallace Corporation summarizes the following information from its weekly payroll records during…

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

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: Taxation refers to the imposition of compulsory financial obligations by the government on…

Q: According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0%…

A: In this question, we have been asked to calculate payroll tax expenses for which we have been given…

Q: According to a summary of the payroll of Sinclair Company, $505,000 was subject to the 6.0% social…

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Q: According to a summary of the payroll of PJW Co., $380,500 in earnings were subject to the 7.7% FICA…

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

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Q: The following information pertains to a weekly payroll of Texera Tile Company: 1. The total wages…

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Q: a. On December 31, calculated the payroll, which indicates gross earnings for wages ($310,000),…

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Q: The payroll of Pearl Company for September 2019 is as follows. Total payroll was $444,000, of which…

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Q: The following is a payroll sheet for Otis Imports for the month of September 2020. The company is…

A: a.Payroll sheet:

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

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Q: The following information pertains to a weekly payroll of Fanelli Fashion Company: a. The total…

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Q: The employees of Boggus Ford earn wages of $15,600 for two weeks ending April 12. FIT taxes are $424…

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Q: Beamon Corporation had the following payroll for April:   Officers' salaries $34,000 Sales…

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

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Q: The payroll of Novak Company for September 2019 is as follows. Total payroll was $454,000, of which…

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.