Answered: Barney's Bagels Payroll Register Total…

Barney's Bagels Payroll Register Total Taxahle Farnings of All Empluyces Cnemployment Cawmpensation $10,500 Total Farning Social Security $12,200 S12,200

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.15C

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Concept explainers

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.

Question

CALCULATION AND JOURNAL ENTRY FOR

EMPLOYER PAYROLL TAXES Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below.The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%,both of which are levied on the first

$7,000 of earnings.The Social Security tax rate is 6.2% on the first $128,400 of earnings. The Medicare rate is 1.45% on gross

earnings.

Calculate the employer's payroll taxes expense and prepare thejournal entry to record the employer'spayroll taxes expense for the week ended July 15of the current year.

Barney's Bagels
Payroll Register
Total Taxahle Farnings of All Empluyces
Cnemployment Cawmpensation
$10,500
Total Farning
Social Security
$12,200
S12,200

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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