Playlist: • 1100 – Payroll and Current Liabilities
Google Classroom: https://classroom.google.com/c/MjE0Mz...
Class code: 527wmle
https://accountinginstruction.info/
Payroll Accounting
The payroll tax journal entry is often overlooked and misunderstood, partially because the payroll journal entry is so complicated. When processing payroll we have two major components. We need to record employee payroll and related withholdings and we need to record the employer payroll taxes. The payroll journal entry can be generated from the payroll register. The employer taxes will then need to be calculated and recorded. The employer taxes include employer social security, employer Medicare, Federal Unemployment Tax FUTA and SUTA. We will record the taxes as liabilities at the time payroll is run and we will then pay off these amounts in a future date. The debit will go to payroll tax expense. Not that payroll tax expense does not include employee payroll taxes.
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