In January, gross earnings in Coronado Company were $36,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $11,500, and state income tax withheld was $1,050.   Record the payroll.

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

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

Q: Lexington Corporation’s weekly payroll of $24,000 included FICA taxes withheld of $1,836, federal…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

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: The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $560,000:…

A: As per the honor code, We’ll answer the first question and 3 subparts since the exact one wasn’t…

Q: In January, gross earnings in Sheridan Company were $78,000. The 7.65% FICA tax rate consists of the…

A: FICA : It is a mandatory payroll tax and it includes Medicare tax and social security tax.

Q: Widmer Company had grosswages of $320,000 during the week ended June 17. The amount of wages subject…

A: Journal entries are the reporting of the transactions in the books of accounts to maintain a record…

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

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: The payroll register of Clapton Co. indicates $11,340 of social security withheld and $2,835 of…

A: Directly or indirectly employees and employers are liable for payroll taxes. The employer bore the…

Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Introduction: Net pay: Deduction of Federal income tax withholding and FICA from Gross earnings…

Q: Lakeview Company completed the following two transactions. The annual accounting period ends…

A: Please check steps 2 for the solution to questions 1 & 2. Step 3 for the solution of 3.

Q: Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The…

A: Employer Payroll tax expense = Social Security tax + Medicare tax + FUTA tax + SUTA tax

Q: On January 21, the column totals of the payroll register for Great Products Company showed that its…

A: Journal entry: It is the activity of recording and summarizing business economic transaction in the…

Q: In January, gross earnings in Concord Company were $40,000. The 7.65% FICA tax rate consists of the…

A: Payroll accounting is a part of accounting through which an employer can effectively manage payroll…

Q: For the year ended December 31, 2020, Lily Electrical Repair Company reports the following summary…

A: a) Date Accounts title and Explanation Debit ($) Credit ($)   31-Dec-20 Salary expenses $199,000…

Q: For the year ended December 31, 2020, Waterway Electrical Repair Company reports the following…

A: Answer a

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

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: Vulcra, Inc., has a semimonthly payroll of $67,000 on September 15, 20--. The total payroll is…

A: Journal entry for payment of wages, and payroll taxes on 15 September

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 following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000;…

A: Requirement 1:Calculation of the amount of premium paid by the employee& employer

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

A: Net pay: It can be defined as the amount that is being received by the employees for taking home. It…

Q: In January, gross earnings in Bonita Company were $106,000. The 7.65% FICA tax rate consists of the…

A: Formula: Net Pay = Gross pay - all deductions. Deductions are carried out from gross pay derives the…

Q: 1. ALR Inc pays a weekly payroll of $255,000 that includes federal taxes withheld of $38,100, FICA…

A: Weekly Payroll: Employees with variable work schedules and those who work overtime will benefit from…

Q: For the year ended December 31, 2020, Bramble Electrical Repair Company reports the following…

A: a.

Q: Sandler Company completed the following two transactions. The annual accounting period endsDecember…

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: England, Inc., had the following payroll for March:   Officers’ salaries $39,000 Sales salaries…

A: The journal entry is the entry where the financial transactions are recorded initially.

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

A: Payroll refers to the payment to be made by the employer to the employees for the services rendered…

Q: On January 14, at the end of the second week of the year, the totals of Castle Company's payroll…

A: For the amount of  Social Security Tax and Medicare taxes  refer journal entry.

Q: The following information about the payroll for the week ended December 30 was obtainls records of…

A: Payroll:- It is the amount which the employer pays to its employee for rendering services to…

Q: XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages…

A: Social security tax payable = $285,000 x 6% = $17,100 Medicare tax payable = Gross wages x Medicare…

Q: Wages paid for the second quarter for Ivanhoe Law Firm were $59,000.00. All wages were subject to…

A: Social Security tax = Gross Earnings x Social Security tax rate = $59000*6.20% = $3,658  Medicare…

Q: The following information is available for Hunt Company after its first year of operations: Income…

A: Given that differed income tax = ($4000)  Tax rate is 40%  Hence  =  $4000 / 40%   = $10000

Q: The following monthly data are taken from Ramirez Company at July 31: sales salaries, $200,000;…

A: Hey there since you have posted multiple questions, we can answer only first questions, please…

Q: On January 14, at the end of the second week of the year, the totals of Castle Company's payroll…

A: Payroll tax expense refers to the account is the holding account  which is used to track the balance…

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: Addidas Co. had total payroll of $40,000 for the week ending March 5. The FICA rate is 7.65%,…

A: INTRODUCTION: A journal entry is a record of a commercial contract in a company's accounting system.…

Q: Riverside Company completed the following two transactions. The annual accounting period…

A: Payroll expenses include wages paid to employees in an accounting period as well as various…

Q: a. On December 31, calculated the payroll, which indicates gross earnings for wages ($310,000),…

A: A journal entry refers to the recording of the business transactions and events in the books of…

Q: Lakeview Company completed the following two transactions. The annual accounting period ends…

A: Prepare the journal entries for the given transactions:

Q: The entry to record the payment of net payroll would include a

A: salaries and wages payable  = salaries- deductions = 90000-6885-19800-3600 = 59715

Q: Gary Noll's gross earnings for the week were $3,400, his federal income tax withholding was $612,…

A: Employment taxes are the taxes that the employer pays to the government on behalf of their business…

Q: XYZ Company had gross wages of $355,000 during the week ended November 30. The amount of wages…

A: Social security tax payable = $285,000 x 6% = $17,100 Medicare tax payable = Gross wages x Medicare…

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: 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% =…

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

A: SUTA is the state unemployment tax. The employers are required to pay SUTA taxes because these are…

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.