Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payrollrecords for the November 1–14 pay period show that employees earned wages totaling $50,000 butthat employee income taxes totaling $7,000 and FICA taxes totaling $2,625 were withheld fromthis amount. The net pay was directly deposited into the employees’ bank accounts. What was theamount of net pay? Assuming Lightning Electronics must also pay $250 of unemployment taxesfor this pay period, what amount would be reported as the total payroll costs?

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Q: Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records…

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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.