Lee Company has the following information for the pay period of December 15–31: Gross payroll $15,416   Federal income tax withheld $3,151 Social security rate 6%   Federal unemployment tax rate 0.8% Medicare rate 1.5%   State unemployment tax rate 5.4% Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be recorded for a.$10,153.01 b.$11,309.21 c.$15,416.00 d.$11,108.80

Q: Selected data from a February payroll register for Vaughn Company are presented below. Some amounts…

A: Formula: Total deductions = FICA tax + Federal Income tax + State income tax + Union due. Sum of…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Recording Payroll and Payroll Taxes The following information about the payroll for the week ended…

A: “Since you have asked multiple questions, we will solve the first three sub-parts for you. If you…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Social security tax deduction = Gross payroll x Social security rate = $19,352 x 6% = $1161.12…

Q: The following totals for the month of April were taken from the payroll records of Concord…

A: The entry to record the payroll expenses is  Particulars Debit (in $)  Credit (in $) Salaries…

Q: At the end of each month, a company pays its employees. Payroll information below is for January,…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: In January, gross earnings in Kemstar Company totalled $90,000. All earnings are subject to Standard…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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

A: Social Security Tax Payable = Gross wages x Social security tax rate Medicare Tax Payable = Gross…

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

A: Journal entry to record the payroll tax expense for the period: Date Description Debit Credit…

Q: Assuming no employees are subject to ceilings for their earnings, Jenkins  Company has the following…

A: Social security and Medicare tax rates are based on gross payroll. The federal income tax withheld,…

Q: 9. Oates Company's payroll for the week ending January 15 amounted to $50,000 for Office Salaries…

A: Payroll taxes are the taxes collected from the employers by the government. It is the tax that is…

Q: Widmer Company had gross wages of $155,000 during the week ended June 17. The amount of wages…

A: Social Security tax payable = wages subject to social security tax ×6% = $139,500 × 6% = $8370

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown:…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Entries for Payroll and Payroll Taxes The following information about the payroll for the week…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Urban Window Company had gross wages of $320,000 during the week ended July 15. The amount of wages…

A: The employer withholds the Employees Federal Income Tax payable from their Wages. The employer…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Social Security tax = Taxable Earnings x Social Security tax rate = $500,000*6.00% = $30,000…

Q: Jones Corporation pays its employees monthly. The following information is available for the January…

A: Given the following information: Gross wages: $70,000 FICA rate: 8% Unemployment taxesFederal:…

Q: Lee Company has the following information for the pay period of December 15–31: Gross payroll…

A: Option “c” is the correct option.

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

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Social security tax = Gross payroll × 6% Federal unemployment tax and state unemployment tax are not…

Q: Lee Company has the following information for the pay period of December 15–31: ​ Gross payroll…

A: Social Security tax payable = Gross payroll x Social security rate = 16,000 x 6% = 960

Q: The payroll register for Gamble Company for the week ended April 29 indicated the following:…

A: Journal: Recording of a business transactions in a chronological order.

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

A:

Q: The following totals for the month of April vwere taken from the payrall records of Marigold Corp.…

A: The entry to record the payment of net payroll include a debit to Salaries and Wages Payable  =…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Federal income taxes are imposed in USA. The income tax is determined by applying tax rate which…

Q: The following information about the payroll for the week ended December 30 was obtained from the…

A: Social Security Tax Payable  = Gross salaries x Social security tax rate = $352,000*6% = $21,120…

Q: According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social…

A: Accrued salaries states the liability amount remaining at the end of the reporting year for salaries…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Salaries payable is the amount of salary which is due but not yet paid.

Q: Rand Company’s payroll on December 31 of the current year is as follows: • total payroll, $500,000 •…

A: Introduction:- Preparation of the journal entries for Rand’s payroll and payroll taxes as follows:-…

Q: Assuming no employees are subject to ceilings for their earnings, Harris Company has the following…

A: Salaries payable are calculated by deducting social security rate, Medicare rate and Federal income…

Q: Widmer Company had gross wages of $162,000 during the week ended June 17. The amount of wages…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = $145,800*6.00% =…

Q: In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the…

A: Payroll tax is defined as the percentage that is withheld from the pay of the employee through…

Q: Recording Payroll and Payroll Taxes Manchester, Inc., had the following payroll for March:…

A: Salaries expense = Office salaries + Sales salaries = $ 390000 +$ 650000 = $ 1040000

Q: Assuming no employees are subject to ceilings for taxes on their earnings, Salaries Payable would be…

A: Salaries are paid to employees net of the taxes and employees contribution withheld.  As per thr tax…

Q: JOURNALIZING AND POSTING PAYROLL ENTRIES Cascade Company has fouremployees. All are paid on a…

A: Journal entries refers to recording of business transactions into the books and it is the very…

Q: Entries for Payroll and Payroll Taxes The following information about the peyroil for the week ended…

A: In this question, we have been given information related to the Payroll role, and on the basis of…

Q: According to a payroll register summary of Swifty Company, the amount of employees' gross pay in…

A: Payroll tax expense = FICA taxes payable + State unemployment taxes payable + Federal unemployment…

Q: Bart Consulting Firm has the following payroll information for the week ended March 20th: Name…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Namsky Co. has the following information for the pay period of December 15 - 31: Gross Payroll…

A: To calculate the salary payable we have to use the following formula; Salaries payable = Gross…

Q: Recording Payroll and Payroll Taxes The following information about the payroll for the week ended…

A: Journal Entries

Q: Nov. 30: Journalized the monthly payroll for November, based on the following data: Salaries…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: repare the entry to record January payroll tax expense

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Beamon Corporation had the following payroll for April:   Officers' salaries $34,000 Sales…

A: Payroll refers to the employee's salary register that is maintained by the employer in which all…

Q: In January, gross earnings in Swifty Company were $42,000. The 7.65% FICA tax rate consists of the…

A: Social Security tax = Social Security Taxable Earnings x Social Security tax rate = 42000*6.20% =…

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.