The following information pertains to a weekly payroll of Fanelli Fashion Company:  a. The wages earned by employees are $2910 b. The state unemployment insurance contribution rate is 3.75% c. The entire amount of wages are taxable under FICA, FUTA, and SUTA d. The amount withheld from the employees' wages for federal income taxes is $491.00; for state income taxes, $49.10; and for group insurance, $87.10 Journalize the payment of wages, and record the payroll taxes for this payroll.                                    Account                      Debit             Credit Payment of wages ___________________________________________________________________________ ______________________________________________________________________________ ___________________________________________________________________________ ________________________________________________________________________________ _____________________________________________________________________________ ___________________________________________________________________________ __________________________________________________________________________   Payroll taxes          Account                              Debit              Credit ________________________________________________________________________ _______________________________________________________________________ __________________________________________________________________________ _________________________________________________________________________ ___________________________________________________________________________

Q: Assume the following data for Blossom Home Appliance Repair for the payroll quarter ended March 31.…

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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…

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A:

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

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

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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%…

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Q: The payroll register of Ruggerio Co. indicates $13,920 of social security withheld and $3,480 of…

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

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Q: During October, Seger Insurance employees earned $100,000 in wages. Social Security applied to…

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

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Q: Pearl Hardware payroll for November 2020 is summarized below.           Amount Subject to Payroll…

A: The following calculations represent the schedule of the total cost of wages of the employer:

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

A:

Q: Go Systems had the following payroll data for wages for the week ended February 5. The state income…

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

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Q: According to a summary of the payroll of Scotland Company, total salaries were $500,000.  Assume…

A:

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Q: --

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A: Applicable Tax Rates FICA- 7.65% (For Factory and Administration) FICA- 1.45% (For Sales- 21,300)…

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Q: Kinsella Inc. has a gross payroll of $13,500 for the pay period. The entire payroll is subject to…

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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: The payroll register of Mountainside Architecture Company indicates $1,360 of Social Security and…

A: State Unemployment tax payable = taxable amount x  State Unemployment tax rate = 5200*5.4% = $280.80…

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

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Q: Vulcra, Inc., has a semimonthly payroll of $67,960 on September 15, 20--. The total payroll is…

A: FICA Taxes Payable-OASDI rate = 6.2% FICA Taxes Payable-HI rate = 1.45% FUTA rate = 0.6% SUTA rate =…

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

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Q: Cullumber Hardware payroll for November 2020 is summarized below.           Amount Subject to…

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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: Waterway Industries's payroll for the pay period ended October 31, 2021 is summarized as follows:…

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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.