Payroll Accounting Examples Help

Payroll Accounting Examples, Concepts, Illustrations, Sample Help Online


Looking for Payroll Accounting Examples, Concepts, Illustrations and Calculations for your assignments, homework or projects then you are at the correct place.

What is meant by Payroll Accounting?


Payroll refers to the total amount of money that a company pays to its employees.Payroll includes salaries, wages, bonuses and withheld taxes. It is used only for employees of the company. Payroll journal entries are recorded in a company’s financial statements through the general ledger. The primary payroll journal entries are

Debit Credit
Direct labor expense xxx
Salaries expense xxx
Payroll taxes expense xxx
Cash xxx
Federal withholding taxes payable xxx
Social security taxes payable xxx
Medicare taxes payable xxx
Federal unemployment taxes payable xxx
State withholding taxes payable xxx
State unemployment taxes payable xxx
Garnishments payable xxx

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Payroll Accounting Examples Explanation


Understanding the concept of payroll with help of an example.
Example: Following is the information made available of a company recording payroll accounting entries. The annual sales of the company is $10,000,000. The company employs 1,000 people: 900 wage-based employees and 100 salary-based employees. In 2009 the company paid a minimum wage of $7.25 (in accordance with FLSA and state regulations). The company paid one-half times the regular rate for work over 40 hours a week (i.e. over 8 hours in any weekday). The company also paid twice the regular rate for work on weekends (Saturdays, Sundays) and holidays. Let us assume Mr. Y, an assembly-line mechanic, worked the following hours during the week of January 23, 2009: 1) 40 regular time hours; 2) 8 overtime hours; and 3) 8 weekend-holiday hours. Y’s wage would be calculated as follows
Regular time

40 hours x $7.25= $ 290
Overtime, weekdays
8 hours x $7.25 x 1.5=$ 87
Overtime, weekend
8 hours x $7.25 x 2=$ 116
Total$ 493

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