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 Lessons


USERS OF FINANCIAL STATEMENTS
Accounting is the language of business. The objective of such language is to communicate information which is useful for varied category of people. Collectively we call them as “Users of financial...

Objectives of financial accounting
1. Maintenance of records of business 2. Ascertain the results of business 3. Construct the financial position of business 4. Providing accounting information to its users.

Today Is Demonetisation. What is Next?
Mr. Modi taught us the term "Demonetisation". I need not to write its meaning as most of us have learned its true meaning through practical experience. Impact of Demonetisation: 1. Dollar Rate conversion...

Capital Expenditure v/s Revenue Expenditure
Capital Expenditure Revenue Expenditure It is incurred for acquiring Fixed Assets It is incurred for running productivity or earning capacity of business It results in increase the value...

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