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9 terms

Payroll Chapter 6

STUDY
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Once the journal entry for the payroll is complete, the information is posted to the appropriate accounts
general ledger
Deductions from gross pay in the payroll register are reflected on this side of the journal entry to record the payroll
credit
In order to prepare these Forms, an employer would utilize the employee's earnings record
W-2
A debit or credit to the employees FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages
debit
Amounts withheld from employees' wages for health insurance are debited or credited to a liability account
credited
The total of the net amount paid to employees each payday is debited or credited to either the cash account or the salaries payable account
credited
The payroll taxes account is an expense account that is debited or credited for the FICA, FUTA, and SUTA taxes on the employer
debited
The entry to record the employer's payroll taxes usually includes debits or credits to the liability accounts for FICA (OASDI and HI), FUTA, and SUTA taxes
credits
The FUTA tax part of the payroll tax entry is recorded at the net percentage of this of the taxable payroll
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