Let's jump into today's Snap! and see some of the things going on in the world. While the month may be ending, we're halfway through the week. Snap! Azure outage, malware in JWST images, floppy disks, Voyager 1, & more Spiceworks Originals.Salaries & Wages, FICA and Medicare are expense accounts, the accounts for employee deductions others are current liabilities: You will probably need to add a few accounts.
Journal Entry If Your Payroll Service Handles Payroll TaxesMemorize the following journal entry and enter it each time you get a payroll report from your payroll service. For instance, when you pay your FICA taxes, you'd book half of the amount to the FICA payroll liability account and the other half as payroll tax expense. When you pay your payroll liabilities, you book the employee-paid portion to the associated payroll liability account and the portion you pay as a payroll expense. Salaries & Wages is an expense account, the accounts for the employee deductions are current liabilities: Journal Entry If You Handle Payroll TaxesMemorize the following journal entry and enter it each time you get a payroll report from your payroll service. These things are not payroll expenses because your employee is paying them rather than you. This is a mixture of payroll expense and payroll liabilities that need to be paid sometime in the future-things like state and federal payroll taxes, medical insurance, 401(k) contributions, etc. Net payroll is what your employees are paid after deductions. Gross payroll is the total amount you pay your employees before deductions. The key to entering your payroll correctly is to understand the difference between gross and net payroll.
The problem is that the amount deducted from your checking account for payroll never matches up to your total salaries paid.
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Others want to save time by entering it as a journal entry, but don't know how to enter it correctly. Some choose to re-enter the entire payroll in the Employee Center. But this often leads to confusion about how to enter payroll into QuickBooks. Even though QuickBooks offers several integrated payroll services, many businesses choose to continue using an outside payroll service like ADP or Paychex.
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