The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed the following: Total Earnings $623,000.00 Taxable Earnings:        FUTA 4,500.00      SUTA 4,500.00      Social Security 574,000.00 Deductions:        Federal income tax 91,800.00      Social Security tax 35,588.00      Medicare tax 9,033.50      Pension plan 4,800.00      Health insurance 16,200.00      United Way 12,000.00 The Social Security tax rate is 6.2%, Medicare tax is 1.45%, FUTA tax is 0.8%, and SUTA tax is 5.4%. Required: 1. Prepare a journal entry to record the payroll on June 30, 20--. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST. REF. DEBIT CREDIT   1 Jun. 30     fill in the blank 2bc817f5803c03f_2 fill in the blank 2bc817f5803c03f_3 1 2       fill in the blank 2bc817f5803c03f_5 fill in the blank 2bc817f5803c03f_6 2 3       fill in the blank 2bc817f5803c03f_8 fill in the blank 2bc817f5803c03f_9 3 4       fill in the blank 2bc817f5803c03f_11 fill in the blank 2bc817f5803c03f_12 4 5       fill in the blank 2bc817f5803c03f_14 fill in the blank 2bc817f5803c03f_15 5 6       fill in the blank 2bc817f5803c03f_17 fill in the blank 2bc817f5803c03f_18 6 7       fill in the blank 2bc817f5803c03f_20 fill in the blank 2bc817f5803c03f_21 7 8       fill in the blank 2bc817f5803c03f_23 fill in the blank 2bc817f5803c03f_24 8 2. Prepare a journal entry to record the employer's payroll taxes. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. Page: 1   DATE DESCRIPTION POST. REF. DEBIT CREDIT   1 Jun. 30     fill in the blank adbf9cf20003ffb_2 fill in the blank adbf9cf20003ffb_3 1 2       fill in the blank adbf9cf20003ffb_5 fill in the blank adbf9cf20003ffb_6 2 3       fill in the blank adbf9cf20003ffb_8 fill in the blank adbf9cf20003ffb_9 3 4       fill in the blank adbf9cf20003ffb_11 fill in the blank adbf9cf20003ffb_12 4 5       fill in the blank adbf9cf20003ffb_14 fill in the blank adbf9cf20003ffb_15 5

Q: The following totals for the month of April were taken from the payroll records of Cheyenne Corp..…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Given the following data from the payroll register of Johnson Construction, prepare the journal…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Win-Win company’s first weekly pay period of the year ends on January 8. On that date, the column…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: The following totals for the month of April were taken from the payroll register of Magnum Company:…

A: Journal entry for Payroll tax expense: Date Description Debit  Credit    Payroll tax…

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

A: Payroll: The total payment that a company is required to pay its employee for the service is called…

Q: The payroll register of Heritage Co. indicates $12,000 of social security withheld and $3,000 of…

A: Taxes and Deduction of: Social Security Tax Medicare Tax Employees Federal Income Tax  Retirement…

Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

A: Salaries expense represents the gross salaries earned by the employees. All the deductions like…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

A: Salaries means the amount paid to employee for the services rendered.

Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

A: Salary refers to the amount that is paid to the employees/ workers for the services provided by them…

Q: The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of…

A: Payroll seems to be the total of all remuneration that a company should provide to its employees…

Q: The following totals for the month of April were taken from the payroll register of Waterway…

A: Definition:   Payroll tax: The costs incurred by an employer to pay the employee for his labor,…

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

A: The financial transactions are initially recorded in the form of journal entry.

Q: For the year ended December 31, 2020, Lily Electrical Repair Company reports the following summary…

A: a) Date Accounts title and Explanation Debit ($) Credit ($)   31-Dec-20 Salary expenses $199,000…

Q: For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following…

A: Answer a

Q: The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

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

A:

Q: The payroll register of Seaside Architecture Company indicates $920 of social security and $256 of…

A: Journal Entry It is used to record the business transactions of an enterprises

Q: The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown:…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: The payroll register of Chupa Chup Engineering Services indicates $1,000 of social security withheld…

A: Employees and employers must pay payroll taxes on earnings and tips earned, as well as salary paid…

Q: For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652,…

A: Form 941: Form 941 shows the Quarterly report of the liabilities of the employee's federal tax,…

Q: Lakeview Company completed the following two transactions. The annual accounting period endsDecember…

A: Journal entry: It refers to the recording of day to day transactions of the business in the books of…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of…

A: Net Salaries Payable = Total salaries for the period - Total amount withheld = $65,000 - ($3,900 +…

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: The payroll register for Automotive Service Center for the pay period ended June 30, 20--, showed…

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

Q: The payroll register for Gamble Company for the week ended April 29 indicated the following:…

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

Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…

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

A: Long-term notes payable: Long-term notes payable represent a legal and written promise made by the…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A:

Q: The summary of the payroll for the monthly pay period ending July 15 indicated the following:…

A: State Unemployment Tax Payable = Salaries Expense x state unemployment tax rate = 30000*3.1% = $930…

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: 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: According to a summary of the payroll of Scotland Company, salaries for the period were $400,000.…

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

Q: Journalize the entry to record the accrual of payroll.

A: Given information is: According to a summary of the payroll of Scotland Company, salaries for the…

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

A: A journal entry refers to the recording of the business transactions and events in the books of…

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: The following totals for the month of April were taken from the payroll register of Magnum Company.…

A: Payroll Tax Expense = FICA taxes payable + Federal unemployment taxes Payable + State unemployment…

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Social Security tax = 6.2% on the first $128,400 of earnings Medicare tax = 1.45% of gross earnings…

Q: The following totals for the month of June were taken from the payroll register of Arcon Company:…

A: Net payment of salary to be made = Salaries expense - witholdings = $14,000 - $1,050 - $2,600 -…

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 totals for the month of April were compiled from the payroll data of Magnum Company:…

A: Date Accounts Debit Credit   Payroll Tax Expense $1,170           FICA taxes Payable   $750…

Q: The payroll register of Seaside Architecture Company indicates $960 of social security and $260 of…

A: Payroll is the automation of settling the dues towards the employees of the organization and the…

Q: The following totals for the month of April were taken from the payroll records of Nash's Trading…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

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

A: Payroll refers to the employee's salary register that is maintained by the employer in which all…

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.