Question

Which 2 payroll reports show employee adjusted gross wages for a specific paycheck? Payrolldetails Payroll Summary Payroll Summary by Employee Total Payroll Cost Total Pay

Answer 1

The two payroll reports that include employee adjusted gross wages for a specific paycheck are Payroll Details and Payroll Summary by Employee. These reports account for deductions including payroll taxes, where typically 6.2% is deducted for Social Security and 1.45% for Medicare from an employee's wages.

Step-by-step explanation:

The two payroll reports that show employee adjusted gross wages for a specific paycheck are Payroll Details and Payroll Summary by Employee. These reports are vital for both accounting purposes and for employees to understand the deductions and taxes applied to their wages. Adjusted gross wages refer to the income of an employee after certain deductions and contributions, such as retirement contributions, health insurance premiums, payroll taxes, and other factors have been subtracted.

Payroll taxes play a significant role in these deductions, with employers and employees sharing the burden of Social Security and Medicare taxes. An employee usually sees 6.2% of their wages deducted for Social Security and 1.45% for Medicare. Employers often pass their portion of these taxes to employees in the form of lower wages.

In the United States, payroll taxes are assessed by federal, state, and in some cases, city jurisdictions. They are collected and paid by employers, with requirements for quarterly and annual reporting. Electronic reporting is mandated for most businesses, except for small employers.

Answer 2

The 2 payroll reports that show employee adjusted gross wages for a specific paycheck are Payrolldetails and Payroll Summary by Employee.

Step-by-step explanation:

The 2 payroll reports that show employee adjusted gross wages for a specific paycheck are Payrolldetails and Payroll Summary by Employee. The Payrolldetails report provides a detailed breakdown of the employee's wages, including any adjustments or deductions. The Payroll Summary by Employee report summarizes the adjusted gross wages for each employee, allowing for easy comparison and analysis.