Kinsella Inc. has a gross payroll of $13,500 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Kinsella must also withhold $1,750 in income taxes from the employees and pay state unemployment taxes of $60. Assume employees pay 6.2% to Social Security. Required:     Hide     Prepare the necessary journal entries for Kinsella to record both the gross pay earned by employees and the employer portion of these payroll taxes. If an amount box does not require an entry, leave it blank. If required, round amounts to the nearest dollar.                                                       (Record wages and liabilities)                                                               (Record employer payroll taxes)

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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.