Payroll accounting unit 8 DQ

Payroll accounting unit 8 DQ - because cities apply...

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Professor and class, 1. What is the purpose of a payroll register? a. The purpose of payroll register is to get summarized payroll information reflecting the gross pay of each employee. Payroll registers contains many columns and rows that shows complete information of pay such as; payroll register records the date of payment, employee’s name and id, hourly wage rate, number of hours worked, allowable deductions, state tax, federal tax, social security, Medicare, total tax withheld and net pay. The payroll register may be used for supplementary records of payment. The employer can get customized payroll records and can print the data, like as records of any specific transaction such as total amount of social security, federal taxes, and records related to particular employee. 1. Can you please explain what city income taxes are? Give examples. a. The payroll register contains different templates according to the city
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Unformatted text preview: because; cities apply different rates of taxes. Such as in “The City of Goodyear, and most other cities in Arizona, imposes a Transaction Privilege (Sales) Tax on specific business activities just like the State of Arizona. The City tax is in addition to the tax imposed by the State and County. The City of Goodyear tax rate is 2.5% effective 9/1/09 and is imposed upon the business. For a large ticket item that exceeds $5,000, the 1.2% privilege tax rate shall apply to the entire single item. A taxable business will need to be registered with the City of Goodyear as well as licensed by the State of Arizona.” Where as in Phoenix, AZ, the city tax rate is 1.4% and may be differ in other states. http://www.goodyearaz.gov/index.aspx?NID=172 http://phoenix.gov/BUSINESS/mrkttax.html Joey D. Finley...
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This note was uploaded on 11/21/2011 for the course KAPLAN UNI MT 140 taught by Professor Thum during the Spring '10 term at Kaplan University.

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