Payroll, Taxes and Deductions

Related BrainMass Solutions

• Payroll calculations

  The solution explains step-by-step ho to calculate the amount of total earnings, total deductions, cash paid and employer's payroll taxes.

• Employer responsibilities for reporting payroll taxes

  This tax is calculated by the NET PAY formula: Employee's gross pay - statutory payroll tax deductions - voluntary payroll deductions = net pay Statutory Payroll Tax Deductions are required by law and get paid to the corresponding agency. 1.

• Payroll Deduction Accounting

  212765 Explain the responsibilities of and the accounting by employers for employee payroll deductions. Explain the responsibilities of and the accounting by employers for employee payroll deductions.

• Journal entry and accrual basis accounting

  Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b.

• Calculate gross pay including employee and employer taxes

  Total employer payroll taxes are 115.07 + 26.91 = 141.98 Notes: Remember that FICA and Medicare are matching amounts for employee and employer.

• What is your payroll cycle at work? Besides your salary, what other liabilities can you identify that might appear on your company's balance sheet related to compensation? Hint: look at your pay stub.

  Companies may also pay bonus for outstanding performance of their employees. 2 Gross pay: Gross pay is the total amount of pay before making payroll deductions of employee's benefits and taxes.

• Payroll Taxes: Employees and Employers

  228956 Payroll Taxes: Employees and Employers What are the payroll taxes paid by employees? What are the payroll taxes paid by the employer?

• Accounting Employee Payroll: The following information is for employee Mary Ryan for the week ended March 15. (a)Determine (1) total earnings, (2) total deductions, and (3) cash paid.

  (2) total deductions, and (3) cash paid.

• Computing and Journalizing Payroll Amounts

  Compute Welch's gross pay, payroll deductions, and net pay for the full year 2012. Round all amounts to the nearest dollar. 2. Compute United's total 2012 payroll expense for Welch. 3.