An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday?
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An employee has a net payroll amount of $5,064.50. What is the correct
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- An employee has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on payday? Debit Credit $5,064.50 Wages Expense Cash $5,064.50 Debit Credit Net Payroll Payable $5,064.50 Cash $5,064.50 Debit Credit Cash $5,064.50 Net Payroll Payable $5,064.50 Debit Credit Cash $5,064.50 Wages Expense $5,064.50 MacBook Air 41M&AINY PILOT G-2 07 30 F3 F4 F5 F6 F7 F8 F9 FI & 4 6 7 8 9. 5 RAll details related to an employee's earnings, deductions, and net pay throughout the year would be found in: Multiple Choice the Wages Expense account in the general ledger. the payroll register. the general journal. О the individual earnings record.An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Expense. What is the correct journal entry for the employer’s payroll taxes and other expenses?
- 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.If an employee has paid $34.21 in employment insurance, what is the amount payable on a journal entry?The payroll register includes sections for recording: A. gross pay, deductions, and net pay. B. accrued expenses, unearned revenues, and net pay. C. assets, liabilities, equity, revenues, and expenses. D. employee home address and phone number.
- Exercise Al-2 Calculating payroll deductions and recording the payroll LO2 The following information as to earnings and deductions for the weekly pay period ended March 9 was taken from a company's payroll records Weekly Gross Earnings to End of Previous Income Health Insurance Fay Deductions $ 900 870 Hellen Craig Joseph Lin Dine Patelli Sharleen McFer Taxes $12,510 $144.55 $ 37.00 13,440 113.63 19,140 173,72 24.00 36.00 1,090 1,940 32,628 458.72 24.00 $4,900 $930.62 $121.00 Required: 1. Calculate the employees' El and CPP withholdings and the amounts paid to each employee. (Do not round intermediate calculations. Round the final answers to 2 decimal places) Deductions Employee Gross Pay Health Insurance Total Deductions Premium Net Pay $ 37.00 24.00 36 00 24 00 eese on Hellen Craig Joseph Lim Dino Patel Sharleen McFee S 4 980 00 870 00 1,000 00 1,960 00 nnnn Income Taxes $ 144 55 113.63 173 72 496 72 anes t CPPCompute the employer's payroll benefit expense based on the following totals found on a completed payroll register dated November 15. Gross pay = $41,700.00 Deductions: Income Tax = $6,650.00; El = $1,251.00; CPP = $2,046.00 Journalize the information from a completed payroll register dated November 15. ● ●· Prepare and use a payroll register including Social Security and Medicare withholdings. Use =IF and =ROUND to design the Social Security tax and union dues formulas. Record journal entries for payroll, employer's tax liability, and payment of payroll taxes. Identify behavior patterns among payroll taxes over time. Alter the worksheet to include an additional employee. Create a chart showing the percentage of an employee's gross pay that is withheld for taxes and other such deductions, and how much is left over as net pay. PROBLEM DATA Reno Graphics has five employees, and they are paid at the end of each month. Payroll data for November are as follows: Employee Jones Miller Smith Williams Zlotorzynski Gross Pay for November $9,000 1,530 1,210 12,000 4,200 Federal Income Tax Withheld $1,948 137 89 Cumulative Gross Pay at October 31 $? 15,570 6,550 2,788 661 Other information (using 2011 rates) is as follows: a. Social security taxes are 4.2% of monthly gross pay up to a cumulative…
- When setting up an employee in payroll, where can you enter the information that the employee will be receiving payments by cheque? Select one: In the pay schedule window In the employee withholdings window In the payment options window In the pay types windowThe amount of time over which an employee is paid is known as ___________. payroll pay period payroll register payroll clerkFelipe's Mexican Restaurant incurred salaries expense of $59,000 for 2024. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $16,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,400), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 5% of salaries expense). A (Click the icon to view payroll tax rate information.) More info Requirements For all payroll calculations, use the following tax rates and round amounts to the nearest cent: 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. 2. What was Felipe's total expense for 2024 related to payroll? Employer: OASDI: 6.2% on first $132,900 earned per…
