🔹 Electronic Clearing Account:对应于Payroll Payable,在Myob中表示银行转账。 🔹 Superannuation Payable Account:记录养老金应付账款。 🔹 PAYG Withholding Account:用于记录预扣税款。📋 在Myob中发工资时,软件会自动生成Journal Entry。例如,如果工资总额为1000元,其中PAYG为200元,则Journal Entry如下: Dr W...
Using the figures from the examples above, the employer need to make the following journal entry to record the monthly payroll expense for Mark and Jane:AccountDrCr Salaries expense 21,667 Payroll taxes expense 1,618 Income taxes payable 3,500 FICA taxes payable 3,092 SUTA tax payable 63...
Within QuickBooks, you can prepare a single journal entry to record all salaries. Save the entry, then press “Reverse” to create a reversing entry on the first day of the present month. This will ensure your accrued payroll is reported in the appropriate period.Introducing...
Familiarize yourself with any local tax laws that could require additional payroll deductions. 4. Record payroll checks. This goes back to the Journal 1 example. In that journal entry, you’re recording all of the deductions you have to take, as a business owner, from the employee’s ...
Types of payroll journal entries Most of your journal entries for payroll will look more or less the same. At the end of each pay period, you’ll record the money your business owes and pays to your employees, contractors, and any third-parties. The main type of journal entry you’ll ...
The journal entry to record payroll consists of gross pay, deductions, withholdings and cash. Record deductions (usually benefit contributions) and tax withholdings in payable accounts (ie FICA taxes payable) because they are liabilities you pay to third parties. Gross Pay = Net Pay + Tax Withhol...
A tax computation sheet is a detailed breakdown of an employee’s income tax liability for a financial year. It outlines the calculations involved in determining the taxable income, tax deductions, and final tax payable. Methods of Processing Payroll ...
Journal entry: Date Accounts and explanation Debit $ Credit $ XXX Payroll tax expenses $4,108.14 FICA-OSDAI payable $2,244.10 FICS-Hi...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer...
Taxable Benefits Payable SUTA Payable FUTA Payable W/Comp Tax Expense W/Comp Tax Payable Accrue Select the checkbox when that account is to accrue dollars for payroll accruals. Account Number Displays all General Ledger Posting Accounts currently assigned in the Payroll Posting Accounts Setup window ...
Most employers are levied a payroll tax for: A. only state and federal unemployment taxes. B. FICA taxes, federal and state unemployment taxes. C. state and federal income taxes. D. only FICA taxes. What is the entry to record the employer's payroll tax if it is assumed the state ...