Which one of the following statements about payroll is incorrect – * a. you must record an hourly rate, salary or commission to process a paycheque b. the program calculates El, CPP and Income Tax based on federal tax tables c. you must enter amounts for RRSP and Medical manually in the payroll journals d. the payroll ledgers do not have a single control account
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A: Payroll Rules: According to the FLSA, people who are subject to its provisions must maintain…
Q: how is "gross earnings" of $1021.01 derived?
A: Piece rate earnings means wages on the basis of pieces produced.
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A: Payroll taxes are the taxes paid on the wages and salaries of employees. It is the taxes withheld by…
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A: Journal entries: - Journal entries are the initial entries that we make for the business…
Q: The department responsible for approving pay rate changes is a. payroll b. treasurer c. personnel d.…
A: Correct Option is “c”: Personnel. Personnel Department: This department is responsible for the…
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A: Hourly Rate of Pay:- This method helps in calculating the payroll amount of an employee on an hourly…
Q: In the following summary of data for a payroll period, some amounts have been intentionally omitted.…
A: Total Earnings = Net Amount Paid + Total Deductions Earnings at regular rate = Total earnings -…
Q: Please answer this correctly. Thank you:) 1. Describe the two economic events that occur for…
A: Payroll is the compensation an employer pay to its employees for a set period or on a given date.
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A: Internal controls are the systems, rules, and strategies executed by an organization to guarantee…
Q: The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit…
A: Journal entry - It refers to the process where the business transactions are recorded in the books…
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A: Payroll register: Payroll register can be defined as the hard copy or a register that records all…
Q: b. Prior to posting the November 29 payroll transaction, FICA Taxes Payable-OASDI, FICA Taxes…
A: The payroll tax is defined as the portion of employees’ wages or salary withheld by the employer for…
Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…
A: Journal entry to record the payroll wages. Reason of debit and credit of accounts. Payroll is…
Q: The journal entry to record the payroll from Figure 6.1, on pages 6-2 and 6-3, would be: Debit…
A: Given the following information: Payroll: $67,000 The total payroll is taxable under FICA Taxes-HI;…
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A: The imposition of the tax liability on the salaries of the employer or the employee is known as…
Q: According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $137.68…
A: FICA taxes: FICA is called federal insurance contributions act which consists two types of taxes.…
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A: A journal entry is used in an organization's financial records to document commercial transactions.…
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A: Payroll: A payroll is a total amount of money paid by employer to employees for time period the…
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A: The entry to record the payment of net payroll include a debit to Salaries and Wages Payable =…
Q: 2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages…
A: Payroll Journal Entry It is mandatory for the business entity to prepare the payroll expenses which…
Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…
A: In the financial method for an entity, a journal entry documents a commercial activity. Journal…
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A: Federal Unemployment Taxes (FUTA) Implementation of Federal Unemployment Taxes (FUTA) at the time of…
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A: The payroll processing entails calculating the employees' "net pay" after all appropriate taxes and…
Q: Required: Prepare a journal entry to record the employer's share of payroll deductions. (Round the…
A: To account for employer payroll deductions, respective liability accounts are credited with the…
Q: According to the accountant of Metlock, Inc., its payroll taxes for the week were as follows:…
A: Accrued liabilities means liabilities which are due in current period, but not yet paid. These…
Q: Journalize the following data taken from the payroll register of CopyMasters as of April 15, 20—.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to…
A: Payroll is the compensation a business must pay to its employees for a period it include employees…
Q: Record the journal entries for each of the following payroll transactions. If an amount box does not…
A: The primary reporting of transactions in the books of accounts is referred to as journal entries.
Q: The payroll register of Seaside Architecture Company indicates $830 of Social Security and $210 of…
A: A payroll tax is a tax withheld from the salary of an employee by an employer who pays it to the…
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A: The payroll register is the register maintained by the companies to record their employee details…
Q: v Check My Work The payroll entry involves increases in Wages and Salaries Expense and all the…
A: Payroll accounting is related to accounting done for employee's or workers for their payroll which…
Q: Journalizing Payroll Transactions 1. Determine the amount of Social Security and Medicare taxes to…
A: In the above equation, the social security tax has been calculated by taking the earnings subject to…
Q: In January, the payroll supervisor determines that gross earnings for Pharoah Company are $64,000.…
A: Journal entry: It is prepared to record the financial and non financial transactions of the business…
Q: The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI…
A: Given that, Totals of the first payroll of the year are given as : Total gross earnings = $36195.10…
Q: Journalize each of the payroll transactions listed below. Post all entries except the last two to…
A: Payroll Journal Entries Payroll journal entries are used to keep a track record of compensation paid…
Q: The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI…
A: Payroll Accounting: The process of payroll accounting includes the computation and payment of…
Q: 1. Assuming that net pay was directly deposited into the employee's bank accounts, prepare the…
A: Journal entry is made at the time when a business transaction or any other accruals has been…
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A: Payroll taxes records all taxes payable on the earnings of an employee and which is payable by…
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A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: 1. In ideal circumstances, each payroll check is delivered personally to the employee who signs a…
A: Payroll checks are related to salaries and wages of the employees. Income taxes are amount of dues…
Q: Based on the information below, 1) complete the April 15th payroll register for Mansouri Medical…
A: FICA indicates standard tax rates for social security (SST) and Medicare tax rates to be 6.2% (with…
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A: Payroll taxes are the taxes that are paid by the employers as well as employees on the basis of the…
Q: The totals from the first payroll of the year are shown below. Total FICA State Union Net FICA НІ…
A: Solution:- Given, We have the information of totals from the first payroll of the year.
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- What accounts are debited and credited when an employer records the electronic transfer of FICA taxes and federal income taxes that have been withheld?You have been asked to record the November payroll information using a payroll register and a general journal. Review the printout of the worksheet PR, a computerized payroll register, that follows these requirements. The columns will automatically retotal as new entries are made. Entries in column B indicate whether or not employees are union members. Assume Joness cumulative gross pay at October 31 could be 85,000, or 105,000, or 125,000.For what reason are distribution columns sometimes provided in the payroll register?
- What special accounts must usually be opened in the general ledger to record payroll tax entries?Click the Chart sheet tab. On the screen is a chart of the four payroll taxes that a company might incur in total during the year. The four taxes are federal unemployment, state unemployment, Social Security, and Medicare. By the behaviors shown on the chart, identify below which of the four taxes each represents. Series 1 _____ Series 2 _____ Series 3 _____ Series 4 _____ When the assignment is complete, close the file without saving it again. TICKLERS (optional) Worksheet. A new employee was hired during November and was mistakenly omitted from the payroll register. The employees last name is Zuckerman, and his gross pay for November is 1,300. Add the new employee to the PR5 worksheet and include all standard withholding rates in computing net pay. Federal income tax withheld is 101. He is a union member. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as PRT. Chart. Using the PR4 file, prepare a 3-D pie chart to show the percentage of an employees gross pay that is withheld for taxes, Social Security, and so on, and how much is left over as net pay. Use Smith as your example. Complete the Chart Tickler Data Table and use it as a basis for preparing the chart. Enter your name somewhere on the chart. Save the file again as PR4. Print the chart.I am having trouble on these and need help. Journalize Period Payroll The payroll register of Shortman Co. indicates $3,240 of social security withheld and $810 of Medicare tax withheld on total salaries of $54,000 for the period. Retirement savings withheld from employee paychecks were $3,500 for the period. Federal withholding for the period totaled $10,690. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. blank Salaries Expense Salaries Expense Social Security Tax Payable Social Security Tax Payable Medicare Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable Employees Federal Income Tax Payable Retirement Savings Deductions Payable Retirement Savings Deductions Payable - Select - - Select - Journalize Period Payroll The payroll register of Chen Engineering Co. indicates $3,000 of social security withheld and $750 of Medicare tax withheld on total…
- The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%). For a compound transaction, if an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Debit Credit Payroll taxes: OASDI Payable: HI Payable: FUTA Taxes Payable: SUTA Taxes Payable:Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. When necessary, round your intermediate calculations and the final answers to the nearest cent. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Feb. 21 fill in the blank ee29ee01603501e_2 fill in the blank ee29ee01603501e_3 fill in the blank ee29ee01603501e_5 fill in the blank ee29ee01603501e_6 fill in the blank ee29ee01603501e_8 fill in the blank ee29ee01603501e_9 fill in the blank ee29ee01603501e_11 fill in the blank ee29ee01603501e_12 fill in the blank…When an entity has more than one class of employee, it is important to evaluate the reasonableness of payroll based on employee class. Which of the following procedures is commonly used to test this? -Calculate revenue per employee --Calculate total payroll costs as a percent of revenue --Comparing payroll expenses with prior year balances or budgets --Calculate average payroll cost per employee classification
- What information is necessary to record payroll transactions? Which account is used to record an employee’s net pay? What features does QBO offer for Payroll?2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Oct. 14 fill in the blank 177445fc1f8a014_2 fill in the blank 177445fc1f8a014_3 fill in the blank 177445fc1f8a014_5 fill in the blank 177445fc1f8a014_6 fill in the blank 177445fc1f8a014_8 fill in the blank 177445fc1f8a014_9 fill in the blank 177445fc1f8a014_11 fill in the blank…According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes. a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%. b. Journalize the entry to record the accrual of payroll taxes. If an amount box does not require an entry, leave it blank.