Required: a) Calculate tax due per month b) How much cash will the chairman receive in his hand c) Accounting entry needed to record the employee salary

2. Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has transferred funds from its regular bank account to its special payroll bank account and that this entry has been made, prepare a general journal entry to record the payment of wages. If required, round your intermediate calculations and the final answers to the nearest cent and use the rounded answers in subsequent computations. If an amount box does not require an entry, leave it blank.   GENERAL JOURNAL PAGE       DATE DESCRIPTION   POST. REF. DEBIT CREDIT 20--     Oct. 14       fill in the blank 177445fc1f8a014_2 fill in the blank 177445fc1f8a014_3               fill in the blank 177445fc1f8a014_5 fill in the blank 177445fc1f8a014_6               fill in the blank 177445fc1f8a014_8 fill in the blank 177445fc1f8a014_9               fill in the blank 177445fc1f8a014_11 fill in the blank…

In this section, you are asked to review and comment on the one of the business cycles provided. Complete steps 1 and 2 prior to preparing your response: 1. Choose from one of the following cycles: Payroll or Purchasing. 2. Review the list of main activities in the cycle you chose (a summary of main activities is listed for each cycle) from the table below. Payroll Activities 1. Hiring Employees 2. Authorizing Payroll Changes Purchasing Activities 1. Requisitioning goods and services 2. Preparing purchase orders

Question 9: In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. O Asset В. O Liability C. O Revenue D. O Expense

Subject - account  Please help me.  Thankyou.

To determine how much to deduct from the gross pay of Jason Parker, an employee of Jensen Ltd., one would look at the earnings record. O Form TD1. O payroll register. O Form T4.

Types of Debts Amounts Administrative expenses Government claims to unpaid taxes Salary during last month owed to Mr. Key and Ms. Rankin

This problem continues the computing and recording employee payroll for the Olney Company for the pay period ending January 8th, 20--. Tasks previously performed include determining gross earnings, FICA withholding, federal, state and city taxes. These computations are shown in the Employee Payroll Register. Requirements: Compute and record the employee's SUTA contributions. Compute and record the Olney Company's SUTA and FUTA contributions. Payroll Register The State Unemployment Tax Act, better known as SUTA, is a form of payroll tax that all states require employers to pay for their employees. SUTA is a counterpart to FUTA, the federal unemployment insurance program. Your tasks now are to compute FUTA and SUTA. Complete the following step: Compute and record the employee's SUTA contributions (employees pay 0.06% on total gross pay). Note: Round your final answers to nearest cent. ONLEY COMPANY, INC.Employee Payroll Register For Period Ending January 8, 20--   EARNINGS…

For the Corporation I have created I need to prepare the Corporation needs a Payroll Register and Payroll Tax Register for the three employees for the week ended August 31, 2024. August 2024 has 22 working days. As well as the total coronation payroll expense for the month ended August 31, 2024.   -I also attached an image of the outline of the payroll register and payroll tax register for my corporation.  The Corporation employs three employees, and pays time-and-a-half for overtime and monthly paychecks are distributed on the Friday following the last day of the month.    The Corporation withholds federal income tax at 18%, state income tax at 7%, FICA-OASDI at 6.2% for wages up to $118,500, and FICA-Medicare at 1.45%.    The Corporation also pays payroll taxes for FICA-OASDI at 6.2% for wages up to $118,500, FICA--Medicare at 1.45%, and state and federal unemployment at 5.4% and 0.6% respectively for wages up to $7,000. August 2024 has 22 working days.    The payroll data employees…

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