Forum

employee payroll li...
 
Notifications
Clear all

employee payroll liabilities  


(@magdalena-pribilovics)
Joined: 1 year ago
Posts: 13
Topic starter  

Hello,

I am working with a PEO payroll company. They pay the employee payroll liabilities. the $ amount comes out of the payroll company not sent directly to the government. When I break down the Salary expense and show the employee payroll liability what journal entry do you recommend so I can zero out the employee payroll liability for that pay period on the balance sheet.

 

Appreciate your help!   

Thank you.


Quote
(@casey-4)
Joined: 1 year ago
Posts: 161
 

The liabilities are reduced/zero'd out, when the liability payment is made.


ReplyQuote
(@magdalena-pribilovics)
Joined: 1 year ago
Posts: 13
Topic starter  

what are the correct journal entries to record payroll taxes?

maybe this will help me more

 

Thank you


ReplyQuote
(@casey-4)
Joined: 1 year ago
Posts: 161
 

Debit Payroll tax Liability and Credit Bank


ReplyQuote
(@magdalena-pribilovics)
Joined: 1 year ago
Posts: 13
Topic starter  

Thank you


ReplyQuote

Leave a reply

Author Name

Author Email

Title *

 
Preview 0 Revisions Saved
MENU