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

Who is supposed to pay Income-tax?
Every person, whose taxable income for the previous financial year exceeds the minimum taxable limit is liable to pay income tax during the current financial year on the income of the previous year at...
Kirti
What is the difference between accounting and accountancy?
Accounting: To keep the record of each and every finance activity either in the ledger or journal form is called as accounting. It also depends on nature of business so accounting has the different meaning...
Deepak
How well can a BCOM student earn freelancing online?
Hi Sajjan , Anyone can earn online provided one should be consistent and have patience. Now coming to bcom student,there are various way outs to earn money :- first one is you may teach any bcom...
Sajjan
0 0
8

Which is the best proffessnal Course for become an entrepreneurs or business for women in india? 

Hey Priya, Do any Management course where it helps you to understand the core management skills required for any Entrepreneur. Also, get some knowledge in the PR. All the above, you should have some excellent...
Priya

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

Ask a Question

Related Lessons

Valuation of Goodwill
This is one of the introductory chapters at the graduation level as well as in professional exams. The brief notes on methods and calculation of goodwill in easy steps are presented below: Methods of...

Corporate accounting:- Issue of Shares
Issue of shares :- we can issue shares for cash and for consideration other than cash. A) For cash :- Issue price may be payable either 1) Shares payable in lump sum which means shares will be fully...

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....


How to Pass Entries under GST Regime?
How to Pass Entries under GST Regime: Under the new GST Regime all these taxes (excise, VAT, CST, Service tax, Entry Tax) will get subsumed into one account and assesse will get benefit of setting of...

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