Payroll Accounting, Taxes, and Reports

1. Payroll Accounting, Taxes, and Reports Payroll Accounting, Taxes, and Reports Chapter 14 Presented by: Audrey Marshall For Accounting Principles

2. Chapter Overview • Recording Payroll • Recording Employer Payroll Taxes • Reporting Withholding and Payroll Taxes • Paying Withholding and Payroll Taxes

3. Payroll Register

4. Net Pay equals this amount which is actually paid to employees Recording Payroll Debit Credit Employee Income Tax Payable FICA Tax Payable Health Insurance Premiums Payable US Savings Bonds Payable United Way Donations Payable Cash Salary Expense

5. Recording Employee Taxes • FICA (Federal Insurance Contribution Act) • paid by both employer and employee, therefore has TWO credits • Federal Unemployment Tax • paid by employer • State Unemployment Tax • paid by employer

6. Reporting Withholding & Payroll Taxes • Form 941 • W-2 • W-3

7. Paying Withholding & Payroll Taxes • Paying the Liability for Employee Income Tax and FICA Tax • Paying the Liability for Federal Unemployment Tax • Paying the Liability for State Unemployment Tax

8. Questions or WYL Quiz?