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Assignment-Payroll Accounting

The document provides payroll information for employees of DEF Trading for May 2020, including salary amounts, tax statuses, and payroll tax withholdings and contributions. It includes payroll sheets calculating salaries, tax withholdings, and employer contributions, as well as journal entries to record payroll expenses, liabilities, and payments to agencies. The purpose is to correctly process the May 2020 payroll for DEF Trading.

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Marklein Dumangeng
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149 views6 pages

Assignment-Payroll Accounting

The document provides payroll information for employees of DEF Trading for May 2020, including salary amounts, tax statuses, and payroll tax withholdings and contributions. It includes payroll sheets calculating salaries, tax withholdings, and employer contributions, as well as journal entries to record payroll expenses, liabilities, and payments to agencies. The purpose is to correctly process the May 2020 payroll for DEF Trading.

Uploaded by

Marklein Dumangeng
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Illustrative Problem .

The following are the employees of DEF Trading

Name Monthly Salary Position Tax Status


La Pitog 60,000 Manager Married, 2 dependents
Tum Paw 11,500 Clerk Single
Lak Taw 30,000 Accountant Married, 1 dependents
Manda Raya 8,000 Driver Single, 1 dependent

Required:
a)      Fill up the payroll sheets provided for the month of May for the current year using the appropriate tables.
b)      Make the entries to record the payroll for May.
c)      Compute for the employers’ contribution liabilities.
d)     Make the entry to record the employer’s contribution liabilities.
e)      Make the entry to record payment of liabilities to the appropriate agencies.
propriate tables.
DEF Trading
Payroll Sheet
May 1- 15, 2020
Tax Semi-Monthly Phil-
Name of Employee Position Status Pay SSS health
La Pitog Manager ME2 30,000 400 450
Tum Paw Clerk S 5,750 230 87
Lak Taw Accountant ME1 15,000 400 225
Manda Raya Driver S1 4,000 160 60
54,750 1,190 822

Schedule of Employer’s Contributions

Semi-Monthly Phil- Pag- EC


Name of Employee Salary SSS & EC health ibig Contribution
La Pitog 30,000 800 450 50 15
Tum Paw 5,750 460 87 50 5
Lak Taw 15,000 800 225 50 15
Manda Raya 4,000 320 60 50 5
54,750 2,380 822 200 40

Computations for withholding tax base:


Semi-Monthly WH
Name of Employee Salary SSS Phil-health Pag-ibig Tax Base
La Pitog 30,000 400 450 50 29,100
Tum Paw 5,750 230 87 50 5,384
Lak Taw 15,000 400 225 50 14,325
Manda Raya 4,000 160 60 50 3,730
54,750 1,190 822 200 52,539

Withholding Tax Payable:


Lapitog:
WH Tax Base 29,100

Tum Paw:
WH Tax Base 5,384

Lak Taw:
WH Tax Base 14,325
Manda Raya:
WH Tax Base 3,730
Pag- WH WH Net
ibig Tax Base Tax Pay
50 29,100 4,358 24,742
50 5,384 - 5,384
50 14,325 782 13,543
50 3,730 - 3,730
200 52,539 5,140 47,399
Date Explanation F Debit Credit
2020
May 31 Salaries Expense 54,750
Withholding Tax Payable 5,140
SSS and EC Contributions Payable 1,190
Philhealth Contributions Payable 822
Pag-IBIG Contributions Payable 200
Cash 47,399
To record payroll for the period.

31 SSS and EC Contributions Expense 2,420


Philhealth Contributions Expense 822
Pag-IBIG Contributions Expense 200
SSS and EC Contributions Payable 2,420
Philhealth Contributions Payable 822
Pag-IBIG Contributions Payable 200

31 Withholding Tax Payable 52,539


SSS and EC Contributions Payable 3,610
Philhealth Contributions Payable 1,643
Pag-IBIG Contributions Payable 400
Cash 58,192

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