What is payroll accounting?

Asked by Last Modified  

3 Answers

Follow 0
Answer

Please enter your answer

Home Tutor

Payroll accounting involves a company's recording of its employees' compensation including: 1. gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, state income...
read more
Payroll accounting involves a company's recording of its employees' compensation including: 1. gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, state income taxes (if applicable) 2. withholding for the employees' portion of health insurance premiums, employees' contributions to savings plans, garnishments of salaries and wages, employees' contributions to United Way, etc. 3. employer's portion/expense for Social Security taxes, Medicare taxes, state and federal unemployment taxes 4. employer's portion/expense of fringe benefits such as health and dental insurance, paid holidays, vacations and sick days, pension and savings plan contributions, worker compensation insurance, etc. read less
Comments

Home Tutor

accounting related to employees
Comments

Math Magician

Payroll accounting involves a company's recording of its employees' compensation .
Comments

View 1 more Answers

Related Questions

What are debits and credits?
Debit and credit are the effect which we give the transaction in case of accounting transaction which is differ and based on the nature of transaction
Profile Photo
Meenakshi
0 0
View Comments7
What is the importance of entrepreneurship development in BCom?
Importance of Entrepreneurship - Entrepreneurship promotes economic growth, provides access to goods and services, and improves the overall standard of living. Many entrepreneurs also make a positive...
Profile Photo
Pratik
0 0
View Comments5
Should I study for a B.Com after my +2 science?
If interested...go for it .
Profile Photo
Ankita
0 0
View Comments9
How can I upload my profile for teaching opportunities in this website?
Dear Lakshmi, once you go to Urban Pro webpage, you may find an option called Sign UP.. It will prompt you to fill up the details.. Please fill up the required details and Create the account. Later...
Profile Photo
Lakshmi

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Index Numbers
INDEX NUMBERS Definition: Index Numbers are statistical devices designed to measure the relative changes in the level of a specific phenomenon with respect to time, geographical location or other characteristics...
Profile Photo

Small Mistakes that Students make during Professional (CA CS CWA) Exam preparation
Hi Friends, Most of us have faced the problem that even though we prepare well for the exam, we are not able to answer the questions exactly the way we want. In this article I’ll tell you some...
Profile Photo

Relevant v/s. Irrelevant Cost
The purpose of classifying cost into relevant and irrelevant is to eliminate unnecessary information that complicates the process of decision making. Relevant Cost: Cost which will be affected by the...
Profile Photo

Income Tax Basics
Everyone who earns or gets an income in India is subject to income tax. (Yes, Indians living abroad too). Your income could be salary, pension or could be from a savings account that’s quietly accumulating...
Profile Photo

What Is The Difference Between VAT And GST?
Q: What is the difference between VAT and GST? A: Following are the basic differences between VAT and GST: VAT was leviable only by the respective State Governments, while GST is leviable by Central...
Profile Photo

Recommended Articles

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Looking for BCom Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you