Which one of the following statements about payroll is incorrect – * a. you must record an hourly rate, salary or commission to process a paycheque b. the program calculates El, CPP and Income Tax based on federal tax tables c. you must enter amounts for RRSP and Medical manually in the payroll journals d. the payroll ledgers do not have a single control account
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A: Solution:- Given, We have the information of totals from the first payroll of the year.
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- 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. When necessary, round your intermediate calculations and the final answers to the nearest cent. If an amount box does not require an entry, leave it blank. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Feb. 21 fill in the blank ee29ee01603501e_2 fill in the blank ee29ee01603501e_3 fill in the blank ee29ee01603501e_5 fill in the blank ee29ee01603501e_6 fill in the blank ee29ee01603501e_8 fill in the blank ee29ee01603501e_9 fill in the blank ee29ee01603501e_11 fill in the blank ee29ee01603501e_12 fill in the blank…During the month of March, Sandhill Co.'s employees earned wages of $68,000. Withholdings related to these wages were $5,202 for FICA, $8,160 for federal income tax, $3,400 for state income tax, and $408 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $680 for state unemployment tax.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.
- Which of the following is true about employee pay methods? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) O Employees must request the transfer of payroll earnings to their paycard each period. Employees must be able to access the full amount of their net pay on the pay date. O Employees do not need to own a bank account to receive their pay via direct deposit. O Employers must keep a record of all pay disbursements.Which of the following is a challenge for payroll accountants? A. Electronic tax filing requirementsB. Employees based only in one countryC. Outsourced payroll processing as a defaultD. Lack of security available for online programsFelipe'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…
- · 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…Waterway Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Таxes Unemployment Tax Wages Payroll FICA Federal State Due Factory $128,300 $128,300 $40,600 $40,600 Sales 34,500 34,500 4,200 4,200 Administrative 37,100 37,100 Total $199,900 $199,900 $44,800 $44,800 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $128,400 and 1.45% in excess of $128,400. Of the $199,900 wages subject to FICA tax, $21,100 of the sales wages is in excess of $128,400. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $7,200 for sales, and $6,200 for administrative. Prepare a schedule showing the employer's total cost of wages for November by function. (Round answers to 0 decimal places, e.g. 5,275.) Factory Sales Administrative Total Salaries and Wages FICA…For what reason are distribution columns sometimes provided in the payroll register?
- Which one of the following would NOT be considered as a substantive procedure? O a. Estimating payroll expense O b. Taking a sample of purchase orders to check orders over OMI 10,000 O c. Using software to identify outstanding receivables O d. Obtaining letter from bank to confirm account balanceIn payroll register how can I finish solving this problem?PAYROLLThe following describes the payroll procedures for a hypothetical company.Every Thursday, the timekeeping clerk sends employee time cards to the payrolldepartment for processing. Based on the hours worked reflected on the time cards, theemployee pay rate and withholding information in the employee file, and the tax ratereference file, the payroll clerk calculates gross pay, withholdings, and net pay for eachemployee. The clerk then manually pre-pares paychecks for each employee, files hardcopies of the paychecks in the payroll department, and posts the earnings to the hardcopy employee records. Finally, the clerk manually prepares a payroll summary andsends it and the paychecks to the cash disbursements department. The cashdisbursements clerk reconciles the payroll summary with the paychecks and manuallyrecords the transaction in the hard-copy cash disbursements journal. The clerk then filesthe payroll summary and sends the paychecks to the treasurer for signing.The signed…