Question: Required: (1) Prepare the entry to record the payroll liability. (2) Prepare the entry to distribute payroll cost. (3) Prepare the entry to record

Required: (1) Prepare the entry to record the payroll liability. (2) Prepare the entry to distribute payroll cost. (3) Prepare the entry to record the employer's payroll taxes in one compound entry. Deductions & Contributions Withholding Tax Employee 20% SSS contributions 3.5% Philhealth contribution 1.375% HDMF P100 EC Contribution Employer 7.5% 1.375% P100 P 10 5. Old Manufacturing Corp. started its operations on Sept. 1 (Monday). Employees work from Monday to Friday based on a 40 hour workweek basis. Payroll is prepared on a weekly basis and paid on the following Wednesday. Gross salaries and wages: Headcount Direct Labor 32 Daily Rate P750 Indirect Labor 8 600 Selling 10 800 Administrative 5 640

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