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Payroll Expenses First Timer
Can anyone understand what to do here, if so please help, my cousin tells me you all help her a lot to understand her work.
Compute the adjustment of payroll expense for the end of may. The 5/5 and 5/20 payroll have already been posted to the books. The bimonthly payroll was paid on the fifth and the twentieth.
Please explain how do I compute the adjustments to get:
1. Gross payroll accured for the period 5/12 through 6/5
2. The gross payroll accrued for 6/1, 6/4, and 6/5
3. The gross payroll accreed through 5/31
Compute the adjustment for employers taxes for the payroll up to and include May 31.
... FICA--7.65%... FUTA--.8%... suta--5.4%
5/5 Payroll... $_________
5/20 Payroll... $__________
6/5 Payroll... $__________
Less 6/1, 6/4, 6/5... $__________
Payroll of 5/31... $.__________... x 7.65%... = $
... x .8%... = $
... x 5.4%... = $
Compute the adjustment necessary for Property Taxes Expense for the month of May
4/10 Prepaid Property Taxes... 1,594.78
... Bank... 1,594.78
Paid six monthe property taxes for the period 4/01 through 10/31
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Cherri