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

List out all the necessary documents for obtaining trademarks, copy rights.
Trademarks and copyrights are two distinct apsects. The detailed procedure to file these is availble on the website ipindia.nic.in
Profile Photo
Aman
0 0
View Comments7
What are the career options after B.com?
After B.Com Option Open For CA,CMA,CS,MBA,CFA,M.Com,Self Business,In Stock,Commodity,Currency Market,Accounting Work In Any Business Firm,Company,UPSC,State PSC,SSC etc.
Profile Photo
Shafer
0 0
View Comments7
What is the fee for commerce subject?;
Depends upon your Subject requirement if you learn any 4 subject then you will pay 4500 per month and if you learn 5 or more subject its goes to 6500 per month....
Profile Photo
Sushrita
0 0
View Comments6
Hi All, I am new user of UrbanPro. Please tell me how to use this according my Profession. Thanks
Kindly update your profile regularly with your recent mobile number .. Students might contact you...
Profile Photo
Aman
0 0
View Comments7

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

Ask a Question

Related Lessons

Essential Elements of a Valid Contract
Essential Elements of a Valid Contract: (i) Agreement: In order to constitute a contract, there must be an agreement in first place. An agreement in turn is composed of two elements-offer and acceptance....
Profile Photo

Taxability Of Perquisites For Computing Salary Income
Taxability Of Perquisites: (A) Exempted for All Employees (B) Taxable for All Employees (C) Taxable for Specified Employees Only 1. Free medical facilities as...
R

Ramasamy Ulaganathan

0 0
View Comments0

Valuation of stock
Stock valuation is a cumbersome process. A business can adopt numerous methods of valuation of stock viz , FIFO, LIFO, AVERAGE, WEIGHTED AVERAGE, etc Irrespective of the usage of various method of...
Profile Photo

Basic Concepts Of Income Tax
Q: What is Tax ? Ans : It is an Amount which is payable by a person to the government so that govt can meet out of its certain expenses for which directly there are no charges. For Example: Defense,...
Profile Photo

GST News, Notifications And Announcements
Central Tax Notifications: Composition Scheme- Notification 3 & 8/2017: Composition scheme threshold has been notified to be 75 lakhs (earlier recommended only). This will be beneficial to small...
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