The last semimonthly payroll of Available Temp Services was $139,600 of gross wages for 113 employees. Of the total, none was for payments to employees in excess of the $7,000 wage base. What were the total FUTA and SUTA taxes for the payroll? The company's SUTA rate is 5.4% and its FUTA rate is 6.0% less the 5.4% SUTA credit. $7,956.00 $8,376.00     $15,116.40 $15,914.40

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Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payrollrecords…

A:

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

A: a)

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A: Requirement 1:   Compute the net pay.

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Q: The payroll register for Gentry Company for the week ended December 17 indicated the following:…

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A:

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

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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: Urban Window Company had gross wages of $310,000 during the week ended July 15. The amount of wages…

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A: Please find the answers to the above questions below:

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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.