1.
Introduction: Take-home pay to an employee means the amount paid to an employee against their salary after deducting all the voluntary contributions and withholdings for which the employee is liable.
To compute: Net pay for the eight days work.
2.
Introduction: Payroll payment means the payment made by the employer against the services taken from an employee. It includes all the payment which is made to employee and any other person on behalf of employee.
To record:
3.
Introduction: Payroll tax expense is the amount paid by the employer to the internal revenue service against the employee gross pay.
To record: Journal entry of the payroll tax expense.
4.
Introduction: Sales tax is the tax imposed on person selling the goods and services. It is paid on an amount of sales after deducting discount and the credit of the taxes paid on purchase is available to the assesse.
To record: Journal entry for the merchandise sold having sales tax.
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Gen Combo Ll Financial Accounting: Information For Decisions; Connect Ac
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