The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries $1,440,000 Social security tax withheld 86,400 Medicare tax withheld 21,600 Federal income tax withheld 288,000 In addition, state and federal unemployment taxes were computed at the rate of 5.4% and 0.6%, respectively, on $244,000 of salaries. Required: a. Journalize the entry to record the payroll for the week of April 29.* b. Journalize the entry to record the payroll tax expense incurred for the week of April 29.*

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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

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

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: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: FICA stands Federal Insurance Contributions Act, which is a US federal payroll contribution directed…

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

A: Payroll expenses are expenses related with the salaries of the employees. For their accrual,…

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 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: Sarasota Corp.'s gross payroll for April is $50,300. The company deducted $2,217 for CPP, $1,073 for…

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

Q: a. Journalize the entry to record the payroll for the week of July 15.* b. Journalize the entry to…

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

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

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

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

A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: Payroll expense is the expense incurred by an employer for the employment given by him. It includes…

Q: Widmer Company had gross wages of $226,000 during the week ended June 17. The amount of wages…

A: Social Security Tax Payable = Gross wages x Social security tax rate Medicare Tax Payable = Gross…

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

A: Payroll taxes are charges forced on employers or workers and are typically determined as a level of…

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: 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: EL Payroll Entries Widmer Company had gross wages of $153,000 during the week ended June 17. The…

A: Payroll costs are business costs of salaries and wages being paid to employees. Until payroll…

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

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

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

A: Requirement 1)a. Prepare the journal entry to record the payroll on December 30.

Q: The following is a payroll register for Brown and Associates, for the week ended February 20:…

A: Given that: Salaries = $1,250,000 Social Security Tax Withheld  = $75,000 Medicare Tax Withheld  =…

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

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: The payroll registers for Schmidt Company for the week ended April 29 indicated the following:…

A:

Q: On July 31, the payroll register for Red Company showed the following totals for the month: gross…

A: Gross earnings=Sales salaries+Office salaries=$30,500+$8,450=$38,950

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

A: Salary expense include basic salary and all type of allowance provided by the company in addition to…

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

A: Journal entry is the primary chronicling of the transactions in the books.

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

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

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

A: For the amount of  Social Security Tax and Medicare taxes  refer journal entry.

Q: totals for the month of April were taken from the payroll register of Omar Company. Salaries and…

A: In the journal entry for the payroll expense, the salary and wages expense is debited, all the taxes…

Q: The following information about the payroll for the week ended December 30 was obtainls records of…

A: Payroll:- It is the amount which the employer pays to its employee for rendering services to…

Q: The payroll register for Heilman Mfg. for the week of August 20th indicates the following: salaries…

A: Prepare journal entry to record payroll for the week of August 20:

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

A: Federal income taxes are imposed in USA. The income tax is calculated by implementing tax rate which…

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

A: A.Prepare journal entry to record the payroll for the week of April 29.

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: Payroll Entries                                               The payroll register for the Puhl…

A: Introduction: The wages are the expenses of the company. The federal income tax withheld, both IRA…

Q: On July 31, the payroll register for Red Company showed the following totals for the month: gross…

A: Working Note: Sales Salaries Expense = Gross earnings - Office Salaries Expense = $38,950 - $8,450 =…

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

A: Payroll tax expense refers to the account is the holding account  which is used to track the balance…

Q: Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March:…

A: Salaries expense = Office salaries + Sales salaries = $ 390000 +$ 650000 = $ 1040000

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

A: Payroll expenses include wages paid to employees in an accounting period as well as various…

Q: The payroll register for the Puhl Company for the week ended January 15th showed the following :…

A: The wages are the expenses of the company. The federal income tax withheld, roth IRA deductions,…

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

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

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…

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.