Payroll Accounting

Рет қаралды 46,635

Edspira

Күн бұрын

Пікірлер: 20

@monymaker277 2 жыл бұрын

Best video I’ve seen, explaining it while visualizing with the books

@Edspira 2 жыл бұрын

Thank you!

@MyFinancialFocus 2 жыл бұрын

Interesting. From a business owners perspective keeping track of employee expenses must be the most fun part of the job.

@joshharrel5668 5 жыл бұрын

Thanks for sharing this information. Your videos/lessons have helped me greatly in studying for the CMA. Also, love the website!!

@ilhaampv5033 Жыл бұрын

Bro can you do Canadian Tax calculations and remittances. Thanks in advance

@KikiIwanski 4 жыл бұрын

can you tell me how you got those numbers while crediting in the journal entry? Is there a formula?

@anon_ninja 3 жыл бұрын

It probably is given to you in the question.

@stmbabi6933 Жыл бұрын

Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160,200 (in 2023), while the self-employed pay 12.4 percent. Unemployment tax is a little more tricky because it goes by state and federal percentage. Liability for income tax withholding is dependent about the employees income and other personal factors. I hope that helps.

@curlywhites Жыл бұрын

@@stmbabi6933 you forgot the other part of FICA: Medicare tax (which has its own threshold where you pay more ($200,000). The entire FICA tax is %15.3.

@eliasalemu3320 3 жыл бұрын

After I pay the fica tax??

@christopheru9736 2 жыл бұрын

Hi I was just wondering what the journal entries would be if you overpay an employee and then they pay it back? Thanks very much

@curlywhites Жыл бұрын

You think they would actually pay it back? lol But I'd wager the journal entry would be: Cash XX Salaries Expense XX Unless your expense was correct, but you wrote the check incorrectly? In that case...my guess is nothing. Your bank reconciliation will reflect a correct amount IF that employee paid you back that amount (and you deposited that money back into the account)

@eriknielsen6236 Жыл бұрын

In the first entry, when salary expense is debited for 2k, why are the witholdings of 453 considered expenses on the companies books, if it is really an expense of the employee

@curlywhites Жыл бұрын

It's not an expense. The withholding are liabilities. The expense is what the employee earned (note that I did not say what was paid to the employee) The $2,000 expense is because the employee earned $2,000. It's not the company's money anymore. They incurred an expense by paying an employee. All that's happening is that instead of giving him/her all $2,000, they are going to hold onto the amount of tax they owe the government. And now the business is simply responsible (liable) for making that transaction (giving the employee's money to the government).