Payroll Accounting

When an employee earns wages or salary from the company, the accounting can get a bit complicated. This is because the employee's compensation might be subject to income tax withholding, Social Security tax (FICA), unemployment tax, and/or garnishments. Thus, the amount earned by the employee will not equal the cash paid to the employee. The company would recognize a current liability for each type of tax being withheld, and those liabilities would be eliminated when the company later remits the money to the government or appropriate party.—
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