1
Payroll Expenses
Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.
To Record: the employee salary expense, withholdings, and salaries payable for January 31.
2
Payroll Expenses
Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.
To Record: the employee provided
3
Payroll Expenses
Payroll expenses are the amount of expenses that an employer pays to the employees for the work that they perform. These expenses include certain expenses such as employee benefits, state and federal payroll taxes.
To Record: the employee payroll taxes for January 31.
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Financial Accounting
- Lemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.arrow_forwardPayroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amount have been withheld: Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll.arrow_forward
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