LinkBack URL
About LinkBacksHow to post general entry for employee and employer taxes and payment of payroll in cash?
Payroll journal entries
How to post general entry for employee and employer taxes and payment of payroll in cash?
That is complicated a little before state taxes difffere but the general journal entries would look something like this:
Dr. Salaries and Wages Expense
Cr. Federal Witholding Tax Payable
Cr. FICA tax payable
Cr. Medicare tax payable
Cr. State income tax payable
Cr. Other deductions payable
Cr. Payroll account (bank)
Hope this helps...
zahid
Google Plus: +Zahid Lilani | Twitter: @ZahidLilani
“Your time is limited, so don't waste it living someone else's life."
- Steve Jobs
IRS Circular 230 notice: In order to comply with requirements imposed by the IRS, I must inform you that any tax advice contained on this forum is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote
Bookmarks