Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll. Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction. Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries is called employer payroll taxes. Such taxes are not withheld from employees’ gross earnings but instead they are paid by employer. To Journalize: The entry to payroll for the week of April 29.
Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll. Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction. Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries is called employer payroll taxes. Such taxes are not withheld from employees’ gross earnings but instead they are paid by employer. To Journalize: The entry to payroll for the week of April 29.
Solution Summary: The author explains that payroll is the total payment a company is required to pay to its employee for the services received. Employer payroll taxes are not withheld from employees' gross earnings but instead they are paid by employer.
Payroll: The total payment that a company is required to pay to its employee for the services received is called as payroll.
Payroll withholding deduction: The amounts which the employer withheld from employees’ gross pay to deduct taxes such as federal income tax, state income tax, local income tax, and social security tax are called payroll withholding deduction.
Employer payroll taxes: The taxes which the employer must pay to the employees with their salaries is called employer payroll taxes. Such taxes are not withheld from employees’ gross earnings but instead they are paid by employer.
To Journalize: The entry to payroll for the week of April 29.
B.
To determine
To Journalize: The payroll taxes expense incurred for the week of April 29.
In the case of a company's accrued interest expense, which of the following occurs first?
Incurring The Interest Expense
Paying The Interest To The Lender
What type of accounts are Accumulated Depreciation and Allowance for Doubtful Accounts?
Contra Asset
Equity
Expense
Liability
Revenue
What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses?
Asset
Liability
Equity
Revenue
Expense