Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $7,000 in January.             Salaries expense $ 520,000     Federal and state income tax withheld   104,000     Federal unemployment tax rate   0.80 %   State unemployment tax rate (after FUTA deduction)   5.40 %   Social security (FICA) tax rate   7.65 %     Required: Record salaries expense and payroll tax expense for the January pay period. (If no entry is required for a particular transaction, select "No Journal Entry Required" in the first account field.) 1. Record the employee salary, withholdings, and salaries payable 2. Record the employer payroll tax expense.

Q: The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of…

A:

Q: The payroll register of Longboat Co. indicates $5,400 of social security withheld and $1,350 of…

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

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A: If a business has employees, it has to record for payroll. Payroll is the aggregate expenditure on…

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A: A journal entry is used in an accounting record for a business to describe a business transaction.…

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

A: a.

Q: Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of…

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

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: FICA stands Federal Insurance Contributions Act, which is a US federal payroll contribution directed…

Q: e. Record any journal entries separately for the employees’ pay/withholding, fringe benefits, and…

A: Income tax Payable: It refers to the amount which is required to be paid by an entity on the taxable…

Q: The annual accounting period ends December 31. On December 31, calculated the payroll, which…

A: Journal entries are recorded in a chronological manner and it forms first step in recording every…

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A: Debit the salary, salary and company payroll taxes you paid. This will increase your expenses for…

Q: Tavella Company’s first weekly pay period of the year ends on January 8. On that date, Tavella’s…

A: Every transaction should be recorded in the books of accounts in the form of Journal entry. Each…

Q: On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register…

A: Payroll expense is the expense incurred by an employer for the employment given by him. It includes…

Q: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: Introduction: Payroll expenses: Payroll expenses refer to the expenses incurred in respect to the…

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: 2. Record employer payroll taxes.

A: Payroll Tax :— It is the tax that is levied on payroll of the employers.

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

Q: During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in…

A: Recording of journal entry of above transaction are as follows

Q: In January, the payroll supervisor determines that gross earnings for Sandhill Company are $108,000.…

A: Social Security tax = Gross Earnings x Social Security tax rate = $108000*6.20% = $6,696  Medicare…

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: Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for…

A: The Journal Entries are represented as below:

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

A: Journal entry: It refers to the recording of day to day transactions of the business in the books of…

Q: Lee Financial Services pays employees monthly. Payroll information is listed below for January 2021,…

A: Compute income and payroll taxes for January 2021 as shown below:

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A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

Q: Bonita Consulting Inc's gross salaries for the biweekly period ended August 24 were $15,000.…

A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…

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A: Payroll Accounting:The process of payroll accounting includes the computation and payment of…

Q: Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each…

A: Answer 1)

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

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A: What are journal entries? It is the first step to record the financial transactions in the books of…

Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of…

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

Q: Based on the information below, Prepare the journal entry to record Regis’s (employer) payroll taxes…

A: 1). Journal Entry to record Regis's payroll taxes resulting from the Jan 8 payroll :- Date…

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A: The payroll register is the employee register kept by the human resource department to record the…

Q: The payroll of Marin Company for September 2019 is as follows. Total payroll was $484,000, of which…

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

Q: Merger Co. has 10 employees, each of whom earns $1,550 per month and has been employed since January…

A: Given that: Number of Employees = 10 Pay per month = $1550 per month

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: Peyton Company's payroll for the year is$737,910. Of this amount, 472,120 is for wages paid in…

A: Unemployment taxes include : FUTA Tax: FUTA tax stands for tax under The Federal Unemployment Tax…

Q: During the month of February, Bridgeport Corp's employees earned wages of $79,920. Withholdings…

A: Given that total employees earned wages is $ 79920 Salaries and wages payable = Total employee…

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A: Salaries expenses include the following deduction = CPP Payable + EI payable  + income tax payable…

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…

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

Q: The payroll of Pearl Company for September 2019 is as follows. Total payroll was $444,000, of which…

A: Working note: Computation of FICA taxes payable: Computation of FUTA and SUTA tax payable:

Q: The payroll register for the Puhl Company for the week ended January 15th showed the following :…

A: The wages are the expenses of the company. The federal income tax withheld, roth IRA deductions,…

Q: Peyton Company's payroll for the year is $747,790. Of this amount, $468,730 is for wages paid in…

A: FUTA stands for Federal Unemployment Tax Act which imposes a liability on the employers to…

Q: The following is a payroll sheet for Otis Imports for the month of September 2020. The company is…

A: a.Payroll sheet:

Q: A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000…

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

Q: Francisco Company has 10 employees, each of whom earns $2,500 per month and is paid on the last day…

A: Introduction: Salary is a regular payment made by an employer to an employee based on the work and…

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A: Federal Insurance Contributions Act (FICA) tax: Federal government imposes taxes on the employees'…

Q: The payroll of Novak Company for September 2019 is as follows. Total payroll was $454,000, of which…

A:

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.