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    Prepare a payroll register and accompanying journal entries

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    ** Please see the attached file for the complete problem description **

    Payroll accounting.

    The problem asks to have a payroll register prepared and then the journal entries to record the payroll and the related tax expense.

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    Solution Preview

    ** Please see the attached file for the complete solution response **

    An Excel spreadsheet is attached for the register and journal entries, but following are some comments

    1. Overtime pay is mandated at the state level with varying results. Some states require the payment at overtime rates for hours in excess of 8 on any one day. The state used in this problem only requires payment over 40 hours per week.

    2. FICA is a matching expense meaning the employer matches what is withheld from the employee. That explains where they are two debit entries to payroll tax expense.

    3. FIT or federal ...

    Solution Summary

    This solution displays a payroll register and the related journal entries, plus commentary about the problem. The solution is provided in Excel format.