O'Reilly logo

The Complete Idiot's Guide® To Accounting by Lita Epstein, Shellie L. Moore

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Posting Payroll

First, let’s talk about posting payroll. You can post all your payroll taxes into the balance sheet liability account called Accrued Payroll Taxes (2300), but if you manage a sizeable payroll, you may prefer to set up individual accounts for each type of tax and benefit. These individual accounts include the following:
• Accrued Federal Withholding Payable (2310)
• Accrued State Withholding Payable (2315)
• Accrued Federal Unemployment Payable (2320)
• Accrued State Unemployment Payable (2325)
• Accrued Employee FICA Payable (2330)
• Accrued Employee Medical Insurance Payable (2335)
• Accrued Employee Elective Insurance Deductions Payable (2340)
• Accrued Garnishments and Other Withholding Payable (2345)
DEFINITION
Garnishments ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required