Peyton Company's payroll for the year is $747,790. Of this amount, $468,730 is for wages paid in excess of $7,000 to each individual employee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: A. Net FUTA tax B. Net SUTA tax C. Total unemployment taxes

Q: Helen company paid salaries and wages of the month of April $12,000 applicable federal income tax…

A: Federal income tax withheld payable = Salaries and wages paid × Federal income tax rate

Q: Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages…

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

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: a. Purnell, Inc., has a semimonthly payroll of $53,900 on September 15, 20--. The total payroll is…

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

Q: Quirk Corp.'s payroll for the pay period ended October 31, 2010 is summarized as follows: Total…

A: First, we need to calculate the Social Security taxes. The rate is 6.2% and it applies to the wages…

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

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Q: 1. Paying payroll 2. Recording employer payroll taxes 3. Paying employee and employer payroll taxes…

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Q: The corporation payroll for the first week in March was $35,000. The amount of income tax withheld…

A: Employer have responsibility of collecting the payment of taxes from employees and do payment of IRS…

Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x…

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: Selected information from the payroll register of Barbara's Stables for the week ended September 28,…

A: Tax liability: It is the total amount of tax owed is a given period, by individuals and…

Q: KA  Payroll Related Accounting       Assume a weekly payroll of $30,000 entirely subject to…

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Q: Ryan Company paid salaries for the month of June amounting to $240,000. Of this amount, $60,000 was…

A: The entire amount of money a company spends on employee pay is referred to as payroll expenses.…

Q: The SUTA rate for Thomson Temp Agency is 5.4% and its FUTA rate is 6% less the 5.4% SUTA credit. If…

A: SUTA credit is to be reduced from FUTA rate to find correct FUTA rate after credit of SUTA.

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: Compute the amounts in this table for each employee. For the company, compute each total for FICA…

A: ·      FICA – This is a US federal tax. It means Federal Insurance Contributions Act. This is…

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: Total payroll of a company was $2,820,000, of which $510,000 represented amounts paid in excess of…

A: Gross  Multiply: FICA rate   Wages to $128,400 (2820000-510000)          2,310,000 7.65%…

Q: omas Martin receives an hourly wage rate of $16, with time and a half for all hours worked in excess…

A: Wages are paid based on hourly payments and extra hours are paid with extra payment with extra over…

Q: Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense…

A: Given in the question: FICA Rate 6.20% Gross Pay on first $137,700 FICA Medicare 1.45%…

Q: Prior to the last payroll period of the calendar year, the cumulative earnings of Employee A were…

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Q: according to a summary of the payroll of Scotland company, salaries for the. Were 500,000 federal…

A: Introduction: A journal is the official book of the firm in which all transactions are documented in…

Q: Runner Company incurred the following amounts for their most recent pay period for employee gross…

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Q: Rand Company’s payroll on December 31 of the current year is as follows: Prepare the journal entries…

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Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…

A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid.     We…

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

A: Requirement 1)a. Prepare the journal entry to record the payroll on December 30.

Q: NEP Corp. has 15 employees each working 40 hours per week and earning $30 an hour. Federal income…

A: A payroll tax is a percentage levied by the state or federal government on the employee's salary,…

Q: Steven Ray has cumulative earnings of $6,580 and earned $840 during the current payroll period. If…

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

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Q: XYZ Company is processing payroll for the week ending January 9th. Employee earnings total $5,000.…

A: Employees total earnings=$5,000 Federal Income tax Withheld=$1100 Social Security tax rate=6% =…

Q: he payroll register of Seaside architecture company indicates $915 of Social Security and $177 of…

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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: [The following information applies to the questions displayed below.] BMX Company has one employee.…

A: Gross earnings is the amount before any deductions but after expenses. It is sales revenue less cost…

Q: The payroll register of Sara Company indicates $5,850 of social security tax withheld and $1,600 of…

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Q: apply: payi was Federal and state income tax withheld Health insurance premiums paid by employer…

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

Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…

A: Tax refers to the amount charged by the government from the individuals and organizations on the…

Q: Determine the total employee withholdings

A:

Q: Compute the net pay for each employee using the federal income tax withholding table included.…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: Widmer Company had gross wages of $309,000 during the week ended June 17. The amount of wages…

A: Step 1: Preparation of entry for payroll of the week.DateAccount Titles and…

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.