Payroll Training In Chandigarh
What is payroll ? The payroll tax is a multitude of taxes that are paid by the employer and in some cases, withheld from an employee's paycheck. The employer then remits these taxes to the appropriate tax authorities.
What is the process of payroll ? Payroll processing refers to the task of managing the payment of wages by a company to its employees. The steps involved in payroll processing typically include gathering employee time information for a selected time period, managing benefits & deductions, and distributing employee pay for that time period.
What is payroll management in HR ? Payroll Functions. Payroll refers to the process by which employees receive their salary. Functions involve balancing and reconciling payroll data and depositing and reporting taxes. The payroll department takes care of wage deductions, record keeping and verifying the reliability of pay data.
What type of expense is payroll tax ? Two examples of payroll taxes that are not withheld from employees but which must be remitted to the government by the employer are the employer's portion of the FICA or Social Security and Medicare taxes and the state and federal unemployment taxes. Since these are to be paid by the employer, these are expenses.
What is the journal entry for payroll ? Here is the journal entry to record the payment of the paycheck: Notice the Wage Expense is debited for the gross pay. We have credited a liability account for each of the tax amounts. Sometimes you will see all the taxes lumped together into one account called Payroll Taxes Payable.
What type of expense is payroll tax ? Two examples of payroll taxes that are not withheld from employees but which must be remitted to the government by the employer are the employer's portion of the FICA or Social Security and Medicare taxes and the state and federal unemployment taxes. Since these are to be paid by the employer, these are expenses.
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