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Payroll Accounting
 
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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. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ✅ Subscribe: https://www.youtube.com/user/EducationUnlocked?sub_confirmation=1 Edspira website: https://www.edspira.com/ Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 1078 Edspira
Chapter 13 Recording Employer Payroll Taxes Work Together 13-2
 
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This screen recording demonstrates computation and journalizing of employer tax liabilities.
Views: 34452 MrsDePriestSHS
Accounting for Beginners #52 / Payroll / Employer taxes  / Employer FICA match / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #52 / Payroll / Employer taxes / Employer FICA match / Accounting 101. We stayed on the topic of Payroll in this video. But we changed hats to think of weekly payroll in the eyes of the employer instead of the employee as we did in the last video. The employer has to mach the employees Social Security and Medicare and give to the Tax man . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 12193 CPA Strength
Accounting Tutorial Payroll Taxes Training Lesson 14.2
 
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FREE Course! Click: https://www.teachucomp.com/free Learn about payroll taxes in accounting at www.teachUcomp.com. A clip from Mastering Accounting Made Easy. http://www.teachucomp.com/free - the most comprehensive Introductory Accounting tutorial available. Visit us today!
Views: 25412 TeachUComp
Accounting - Payroll Taxes and Liabilities - Severson
 
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See the below link for more resources, including as a list of all of my videos, practice exercises, Excel templates, and study notes. https://www.dropbox.com/s/09hdhag3zieyt08/Severson%20YouTube%20Videos.xlsx?dl=0 This video discusses the accounting for payroll taxes, including journal entries and concepts. This covers FICA, including Social Security and Medicare taxes. Furthermore, it covers Federal and State Unemployment Taxes (FUTA and SUTA.)
Views: 4608 Christopher Severson
Example: Payroll Tax Liability and Expense | Intermediate Accounting | CPA Exam FAR | Chp 13
 
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Companies also report as a current liability amounts owed to employees for salaries or wages at the end of an accounting period. In addition, they often also report as current liabilities the following items related to employee compensation. 1.Payroll deductions. 2.Compensated absences. 3.Bonuses. Payroll Deductions The most common types of payroll deductions are taxes, insurance premiums, employee savings, and union dues. To the extent that a company has not remitted the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as current liabilities. Social Security Taxes. Since January 1, 1937, Social Security legislation has provided federal Old Age, Survivor, and Disability Insurance (OASDI) benefits for certain individuals and their families. Funds for these payments come from taxes levied on both the employer and the employee. Employers collect the employee's share of this tax by deducting it from the employee's gross pay, and remit it to the government along with their share. The government taxes both the employer and the employee at the same rate, currently 6.2 percent based on the employee's gross pay up to a $118,500 annual limit. The OASDI tax is usually referred to as FICA (the Federal Insurance Contribution Act).
Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics. We stayed on the topic of Payroll in this video. We wear the hat of Bookkeeper with the task of making a journal entry for Payroll. There will be 2 different journal entries involving cash leaving the business and Paying Wages Expense and Payroll Taxes . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 9522 CPA Strength
Accounting for Beginners #51 / Payroll / Employees Net Pay / Where do the Taxes Go? / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #51 / Payroll / Employees Net Pay / Where do the Taxes Go? / Accounting 101. We really switch gears with this video. So much so, that i had to put a video of a sideshow in. We went to payroll. And this video is focusing on the Employee's check. How you start with the gross amount minus taxes and you are left with the net amount. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 10925 CPA Strength
Wages Journal Basics - How to Payroll Accounting
 
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In this video, I share how to complete wages journals for payroll. This tutorial demonstrates UK Payroll accounting but the principles of double-entry are used internationally. The debits and credits of gross pay, net pay, employers and employees tax are detailed. Create a bookkeeping spreadsheet using Microsoft Excel http://youtu.be/LlWADbkGdac Support this Channel https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=FHGCUQ8GU9VB6 30 Free Day Trial on KashFlow Accounting Software http://www.kashflow.com/?code=AFF2105084 Free Bookkeeping and Accounting Course https://www.youtube.com/watch?v=IhYJbCAcCKE&feature=c4-overview&list=UUgPrg8qyvKaiED9tvdAIfpQ Learn more at www.freebookkeepingaccounting.com
Views: 34382 BookkeepingMaster
Current Liabilities Accounting (Payroll Deductions, Employee Vs Employer Payables & Expense)
 
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Accounting for payroll deductions as employee related liabilities, common types of payroll deductions are taxes, insurance premiums, employee savings & union dues etc., If a company has not remitted in the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as a Current Liability, Examples of governmental types of payroll withholding taxes, (1) Social Security Taxes (FICA): Report the amount of unremitted tax on the gross wages paid as a Current Liability & as an Operating Expense, (2) Unemployment Taxes (FUTA): Record the amount of accrued but unpaid employer contributions as an Operating Expense & as a Current Liability when preparing financial statements and (3) Income Tax Withholding (Federal & State): Tax laws require employers to withhold from each employees pay the applicable income tax due on those wages, example explains that these withholdings have to be broken down between (1) employee payroll deductions and (2) employer payroll taxes where current liability payable accounts have to be setup for both employee and employer with wage expense for employee payroll deductions and payroll tax expense for employer payroll deductions, detailed accounting by Allen Mursau
Views: 35146 Allen Mursau
Payroll Journal Entries
 
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Description
Views: 80315 Athens Tech Accounting
How to Process Payroll and Payroll Taxes | Principles of Accounting
 
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Learn all about how to process payroll and payroll taxes in just a few minutes! Fabio Ambrosio, CPA, instructor of accounting at the Central Washington University, details accounting for payroll, accounting for unremitted payroll liabilities, and payroll internal controls that ensure payroll expense is accurate, valid, timely and fraud-free.This video is part of a complete, condensed Principles of Accounting series presented in short, digestible summaries. Access the free study guides for Principles of Accounting here: https://www.coursehero.com/sg/principles-of-accounting/ Course Hero's Principles of Accounting video series covers the essentials of introductory accounting. Our short digest covers everything you need to know about the accounting cycle, accounting systems and controls, accounting for receivables and long-term assets, accounting for liabilities and equities, entity organizations and business analysis. The video series begins with an introduction to Generally Accepted Accounting Principles (GAAP) and an exploration of accounting systems. It continues with an exploration of journalizing, trial balances, and the adjusting process that leads to the creation of the four major financial statements companies produce: income statement, statement of owner’s equity, balance sheet and statement of cash flows. Along the way, you'll learn about: • GAAP and other legal requirements for accounting and reporting • The Accounting Equation • Single-Step and Multiple-Step Financial Statements • Double-Entry and Manual Accounting Systems • The General Ledger and Chart of Accountings • Trial balances and the adjusting process • Ethical standards in accounting The series continues by providing a deeper understanding of how entities employ accounting principles, including: • Accounting for merchandising businesses, including inventory costing methods and systems • Internal and cash controls • Accounting for receivables and long-term assets • Accounting for current liabilities and payroll, long-term liabilities and investments • Categories of businesses and the four types of business entities • Corporate annual reports Finally, the Principles of Accounting crash course includes a primer on business analysis tools, including preparation of a statement of cash flows and the uses ratio analysis. Additional concepts we cover in these quick videos include: accounts payable, accrual basis accounting, cash basis accounting, Financial Accounting Standards Board (FASB), periodic and perpetual inventory systems, horizontal analysis, vertical analysis, liquidity analysis, matching principle, proprietorship, limited liability company (LLC), partnerships, operating income, Sarbanes-Oxley Act (SOX), subsidiary ledgers and single-step income statements. Explore Course Hero’s collection of free Business and Accounting Study Guides here: https://www.coursehero.com/sg/ About Course Hero: Course Hero helps empower students and educators to succeed! We’re fueled by a passionate community of students and educators who share their course-specific knowledge and resources to help others learn. Learn more at http://www.coursehero.com. Master Your Classes with Course Hero! Get the latest updates: Facebook: https://www.facebook.com/coursehero Twitter: https://twitter.com/coursehero
Views: 44 Course Hero
Accounting, Taxes, Payroll & Quickbooks.  How Can We Help!
 
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We are a local accounting focusing on the unique needs of small to medium sized businesses. It is our mission to provide thoughtful solutions for our clients!!
Views: 161 EDNEWMANCPA
How to pay Payroll Taxes through QuickBooks
 
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Want to learn E-Pay instead: https://canduskampfer.com/epay-to-pay-payroll-taxes-in-quickbooks/ Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 36100 Candus Kampfer
Accounting Basics: Lesson 13 - Payroll Taxes for the Employer
 
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Lesson thirteen explores the cost of payroll taxes on the firm. The cost of Social Security, Medicare, and state and federal unemployment taxes that employers must pay on behalf of their employees are calculated and discussed. Handout - https://drive.google.com/file/d/0B4R_gW1fpAXZOWY3MWU0OTYtMGQ3ZS00ZDNiLTg1MGEtY2YxMjkyY2U4OTcw/edit?usp=sharing Transcript - https://drive.google.com/file/d/0B4R_gW1fpAXZYmFmNTgzNDItNmRmMC00OGE4LThhZWItYmM3NGRhMzk3NjQ4/edit?usp=sharing
Views: 14699 Charlotte Houke
Columbus, Georgia Accounting, Bookkeeping, Taxes, Payroll, Business
 
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Allison Stitcher, CPA of Accounting Technology Solutions - Columbus, Georgia. Allison is the best resourse to help business owners with their accounting needs. Find Allison on Social Media: Facebook: https://www.facebook.com/ATS8391/ Twitter: https://twitter.com/AllisonStitcher Instagram: http://instagram.com/AccountingTechno... Web: http://accountinghelpnow.net #Payroll #Taxes #ColumbusGA
Employer Payroll Taxes: Simplified!
 
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How do I hire employees? How do I pay employer payroll taxes? Payroll can be confusing! This video simplifies it ALL! My Gusto link: https://gusto.com/r/PloJd/?utm_source=reflink If you sign up through my link, you'll receive access to my training program for free! Need a better tax experience? My process helps you with your finances & growing your business! https://www.amandarussell.mba/tax-services/ Need help with your finances & growing your business? Learn more: https://www.amandarussell.mba/businessgrowthprogram/
Payroll Entries
 
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Views: 6878 Cathy DeHart
Federal Income Tax FIT - Payroll Tax Calculation
 
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The calculation of the federal income tax FIT is one to the most confusing payroll taxes for multiple reasons. One is that it is easy to get the federal income tax FIT payroll tax mixed up with the corporate federal income tax. FIT for payroll taxes is paid based on employee wages. The other reason Federal Income Tax withholdings FIT withholdings are are difficult is because they are based on a progressive tax, one where the rates increase as income increases. The progress income tax used for federal income tax FIT withholdings requires the use of tables to calculate the tax. To fine the proper withholding on the table we need the allowances, marital status, and pay periods. For more accounting information see website. http://accountinginstruction.info/courses/
Chapter 13 Recording Payroll and Journalizing Employer Payroll Taxes, Work Together 13-1 and 13-2
 
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This screen recording explains how to record payroll and how to calculate and journalize the employer's payroll taxes and liabilities. Work Together 13-1, Work Together 13-2 and On Your Own 13-2 are completed as examples.
Views: 38789 MrsDePriestSHS
How to Calculate Canadian Payroll Tax Deductions - Guide
 
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Tutorial for calculating payroll taxes and deductions in Canada. Includes instructions on how to use the free HelpSME.com payroll calculator. Download it at: http://helpsme.com/tools/free-canadian-payroll-tax-deductions-calculator
Views: 54100 HelpSMEvideo
Tally ERP 9 Payroll- Define Income Tax Detail Class-8 |Payroll in Tally Part-114
 
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Learn how to define income tax detail in tally erp 9 payroll. How to configure pay heads for income tax in payroll. As per the Income Tax Act , while computing the Taxable Income the following exemptions deducted from the Gross Salary for the Employees as per section 10 HRA, Leave travel allowance (LTA), Conveyance / Transport Allowance, Children Education Allowance, Children Hostel Allowance. Learn how you can define employees other incomes such as income form House Property, income from other sources and Interest on housing Loan. In this Tally Hindi video tutorial we explain deductions Under Chapter VI-A which covers all the investments U/s 80C, 80CCF, 80CCG, 80D, 80DD, 80E etc. we provide details about expenses such as mediclaim, and Interest paid on higher education loan etc. to compute taxable income for income tax. Learn how to override exemption value or overriding tax values to override either the amount related to income or exemption. Learn how to configuring income tax details broadly, “perquisite” which defined in the section 17(2) of the income-tax act. To compute the income tax and generate Form 16 for employees who joined the organization during the course of the financial year, you have to enter the income received from the previous employer along with the taxes that they have paid. Learn income tax in Hindi. This is our free online tally course. We provide tally erp 9 online classes. It is free tally accounting course. So you can learn and study tally accounting online. It is Full Step by Step Tally video Tutorial in Hindi. This Tally ERP 9 Video Tutorial based tally classes on Advance, Professional, expert Tally accounting course. It is a Part of RSCFA Course run by Career Planet. It is tally erp 9 certificate course with advance excel. You can learn tally erp 9 course in Hindi with GST. 👉 Payroll Processing in Tally Class-1 https://youtu.be/ysI71z94W4A 👉 Payroll Processing in Tally Class-2 https://youtu.be/GHXdiFna66M 👉 Payroll Processing in Tally Class-3 Earning Pay Heads https://youtu.be/9mbu-L7wWAk 👉 All Employee Deduction Pay heads in Tally Payroll Class-4 https://youtu.be/5WzhpKOhakI 👉 Employers Contribution Pay Heads (Payroll) Class-5 https://youtu.be/uClAQ4VNsd4 👉 Bonus, Gratuity and reimbursement Pay Heads class-6 https://youtu.be/oGQ2QBh7PJ4 👉 Defining Salary Structure class-7 https://youtu.be/mtOJcJx9ECs 👉 Visit Our Website: https://cpitudaipur.com/ 👉 Visit Our Blog: https://cpitudaipur.blogspot.com/ 👉 Like Our Facebook Page: http://facebook.com/cpitudr
QuickBooks Pro 2018 Pay Payroll Taxes - New version
 
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QuickBooks Pro 2018 Pay payroll taxes will cover the accounting system process for tracking, recording, and paying payroll taxes. To understand the payroll tax process within QuickBooks Pro 2018 we first discuss the payroll options the accounting software has as well as payroll options outside of the QUickOboks Pro 2018 Program. We discuss how payroll is set up in the accounting software. We cover the process for accruing payroll liabiilities and how QuickBooks Pro 2018 makes the calculations. We look and the the balance sheet and income statment generated from the financial software. Then we walk through the pay payroll liabilities option, an option QUickOBoks Pro 2018 provides to generate the check for payroll taxes. The payroll system takes some time to set up in the accounting software but once set up does a good job to track payroll and payroll liabilites
Getting Started in QuickBooks Online Payroll | QuickBooks Training Webinars 2018
 
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Get ready to pay your team! See how to: · Decide which subscription is right for you · Set up payroll · Pay employees · Pay and file payroll taxes See more payroll and HR resources here: https://quickbooks.intuit.com/r/payroll-setup/ Connect with the QB Community here: https://goo.gl/UKeSoq Start for free at QuickBooks.com. https://goo.gl/ctQRCV Run your whole business better with QuickBooks. Be sure to subscribe to our YouTube Channel and if you have any questions, feel free to leave a comment! Subscribe for more QuickBooks! https://goo.gl/jY1fyz Visit QuickBooks.com for the latest! https://quickbooks.intuit.com Follow us on Facebook: https://www.facebook.com/IntuitQuickBooks Follow us on Twitter: https://twitter.com/QuickBooks Follow us on Instagram: https://www.instagram.com/quickbooks
Views: 23692 QuickBooks
Federal Income Tax Withholding Demonstration Part 1
 
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Federal Income Tax Withholding Demonstration Part 1
Views: 28452 gordonhensley
Payroll Journal Entries | Financial Accounting | CPA Exam FAR | Ch 11 P 2
 
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employee related liabilities, FICA taxes, FICA medicare, tax withholding, compensated absences, bonus, medicare taxes, FUTA, SUTA, CPA exam, accounting, payroll deductions, payroll taxes.
Chapter 12 - Calculating Total Earnings and Payroll Tax Withholding
 
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This screen recording demonstrates the steps in calculating total earnings and also the calculation of federal income tax, social security tax, and medicare tax. These concepts were demonstrated through the completion of Work Together 12-1 & 12-2
Views: 43311 MrsDePriestSHS
Wave Accounting Tutorial - Canadian payroll and tax (small business accounting)
 
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Visit Wave on GetApp - http://www.getapp.com/finance-accounting-software/a/wave-accounting/ Wave is great for freelancers to small businesses that need... - Real accounting, for non-accountants - Billing, invoicing and payroll - Real double entry accounting - Investment tracking - Financial reporting (Ledger, A/R, A/P, Income, Balance She - Bank integrations to eliminate manual entry - Multi-currency - Seamless invoicing & payroll - Personal finance tracking Visit Wave on GetApp - http://www.getapp.com/finance-accounting-software/a/wave-accounting/
Views: 2099 GetApp
QuickBooks Online 2019-Pay Payroll Taxes
 
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QuickBooks Online 2019-Pay Payroll Taxes http://accountinginstruction.info/
80 Payroll Tax Expense Journal Entry u
 
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The payroll tax journal entry is often overlooked and misunderstood, partially because the payroll journal entry is so complicated. When processing payroll we have two major components. We need to record employee payroll and related withholdings and we need to record the employer payroll taxes. The payroll journal entry can be generated from the payroll register. The employer taxes will then need to be calculated and recorded. The employer taxes include employer social security, employer Medicare, Federal Unemployment Tax FUTA and SUTA. We will record the taxes as liabilities at the time payroll is run and we will then pay off these amounts in a future date. The debit will go to payroll tax expense. Not that payroll tax expense does not include employee payroll taxes. For more accounting information see website. http://accountinginstruction.info/courses/
Withholding Taxes:  How to Calculate Payroll Withholding Tax Using the Percentage Method
 
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Withholding Taxes: How to Calculate Payroll Withholding Tax Using the Percentage Method There are multiple ways to calculate withholding taxes. One way is by using the Percentage Method. To begin using the Percentage Method, you must have the employees W-4 form. The employees W-4 form will outline how many allowances the employee is claiming. This information is always necessary when calculating withholding taxes. Your first step is to determine your payperiod, whether you are paying on a weekly, biweekly, or monthly basis. You will then multiply one withholding allowance for your payroll period by the number of allowances indicated on the employee's W-4 form. Next, you will subtract this amount from the employees wages. You will then go to Publication 15, pages 43-44 and use the Percentage Method Withholding Tables to determine the amount of withholding taxes for your employee. Please make sure that you are using the correct IRS table, the correct pay period section and the correct marital status column. All of these steps are outlined in the above video with two very detailed step by step examples.
Views: 121939 Karin Hutchinson
Small S-Corps - I found the Payroll Bookkeeping Tax HOLY GRAIL! Cheap and Good!
 
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Here's the best S Corp accounting, bookkeeping, payroll, tax return, and tax planning service in America... Learn more and start free trial here: https://www.xendoo.com/learn-more?fp_ref=rob69 We have a commission relationship with them, but that's because I reached out after discovering how Xendoo is one of the absolute best solutions for an S-Corp. If you've decided you'd like to become an S Corp rather than an LLC, then check this outl Setup a Xendoo Trial at our affiliate link here: https://www.xendoo.com/learn-more?fp_ref=rob69 https://feedbackwrench.com https://facebook.com/feedbackwrench https://twitter.com/feedbackwrench Feedbackwrench Digital Marketing Services LLC vs S Corp Systems Entrepreneurship Classes
Views: 1180 FeedbackWrench
Federal Unemployment Tax Act Calculation (FUTA)-Payroll Tax Calculations FUTA
 
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Federal unemployment tax or FUTA is a payroll tax that is paid by the employer only. In other words the payroll tax is based on employee wages but is not withheld from employee pay but taken form the employer. Employer only payroll taxes are often less understood because most people have less experience with them as employees. FUTA payroll tax can also be confusing because it has a low cap of $7,000 at this time. In other words the employer pays FUTA tax on the first $7,000 of each employee earning and then stops paying FUTA after the employee has reached the 7,000 cap. The other confusing thing about FUTA is that the rate is tied to Statue Unemployment Tax or SUTA. In other words, the FUTA tax rate is less if the state has SUTA that the employer must pay. Just about every state does have SUTS so companies generally pay the lower FUTA rate. The FUTA tax is a kind of flat tax, or even rate up to the 7,000 cap. For more accounting information see website. http://accountinginstruction.info/courses/
Jamaica tax  payroll calculator
 
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Our payroll excel template is easy to use with features such as: All payroll automatically feeds to your monthly SO2 and yearly return form You only need to enter the amount worked, the template will do the rest Comes with two different beautiful payroll design Payroll can be customize for weekly,fortnighly or yearly extra special features such as one click print
Views: 1732 George Henry
Social Security Tax Calculation - Payroll Tax Withholdings
 
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Social security tax calculations focusing on the employee side for social security. We will calculate social security in the payroll register. Social security is closer to a flat tax in that we have a fixed rate we multiply time wages. Social security does a cap however, meaning we stop calculating social security taxes after an employee has reached the cap. Social security has an employee and employer portion. For more accounting information see accounting instruction website. http://accountinginstruction.info/courses/
Calculating Payroll Tax - www.TaxTV.com
 
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This video from http://www.TaxTV.com explains how to calculate payroll tax for Federal purposes and in the state of California.
Views: 9193 WatchTaxTV
Motl Accounting - Bookkeeping, Taxes, Payroll - Dundee, IL
 
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At Motl Accounting we provide peace of mind to business owners by providing stellar tax preparation, payroll, bookkeeping and accounting/CPA services. Contact us anytime and we'd more than happy to assist. #Motlaccounting #accounting #taxes #bookkeeping #payroll #dundeeil #chicagoland
Views: 150 Motl Accounting
Small Business Accounting Salem Taxes Payroll Quickbooks Bookkeeping Salem NH
 
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http://NJBAccountingSolutions.com Nelia from NJB Accounting Solutions provides Business Accounting Quickbooks Payroll Taxes IRS Representation services. You can know more about all the services offered by calling 603-479-7204 or email [email protected] It doesn't matter how big or small you are - businesses have finances, and your finances are what can make or break you, especially in the early stages of growth. Getting your finances straight -- and having someone on your side who will be open and honest about the mistakes you might be making -- is essential long-term business success. Nelia's experience in corporate finance will be extremely valuable to your business -- she know what works and what doesn't, and how to avoid major mistakes that can seriously put you in the red. Business Tax Services Why have your bookkeeping and accounting done one place, and your taxes done at another - when you can have the same firm handle all of it and take the stress off of you when tax time comes. Combine all of our services to make sure your finances are just the way they should be. Financial Planning We'll sit down with you and outline your financial goals - short-term and long term - and determine what needs to be in place to make them happen, from insurance to investments. Business CFO Services Do you need a CFO, but your business is small and you can't really afford to bring on someone full time at that level? Our specialty is being your "Virtual CFO": we'll handle all the things that a full-time CFO would, on a consulting basis - at a fee that works for your budget. Workshops We offer in-house workshops on many different topics to help you in all areas of business - such as marketing & advertising, human resources, business insurance, and more. Check out our calendar to find out more.. Payroll Services Payroll is..well, payroll. Not all that exciting, but every week or two, it's staring you in the face. Let us handle your payroll for you - we'll integrate it right into your bookkeeping and accounting for seamless process. Bookkeeping Hate doing financial statements? Are your Profit and Loss reports a mess - or nonexistent? Do you reconcile your bank statements? With our bookkeeping services, you can stop worrying about your day-to-day financials and focus on the big stuff. Business Accounting Salem NH
Accounting Services Irvine - Irvine CPA Discusses Payroll Taxes
 
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Accounting Services Irvine http://cpa-accountant-irvine.com Let's talk about 2012 pay tax for employers. Each year millions of business owners have to report payroll taxes for their employers. Irvine CPA understands the process can be daunting, especially if you have a large number of employees. Some of the benefits of filing payroll taxes can be very good for your business too. You should be prepared to file taxes for both federal and state taxes, with the exception of certain states such as the state of Nevada. Checking with your local state office to see if state taxes are owed in your particular state. Payroll taxes are the state and federal taxes that you as an employer are required to withhold in/or to pay on behalf of your employees. You are required to withhold state and federal income taxes as well as social security and medicare taxes from your employees' wages. This is to ensure proper filing with the IRS for payroll tax for employers. This information will also vary greatly based on the number of employees you have at your business and how this information is treated. For example, if you're reporting taxes for employees; employees will fill out the W4 form with all his or her information. This will mean that you as the employer are paying toward the taxes on a paycheck basis. If your employees are independent contractors, they will fill out a 1099 form and the employees are responsible for filing their own taxes on this earned income. Here are the fighter an SECA tax rates. All states require employers to pay taxes towards social security and medicare for payroll tax for Employers. Paying towards this type of tax helps employees enhance their social security and medicare benefits in future years. These taxes hold the following deduction rates. Social security tax withholding 6.2% up to the annual maximum and medicare tax withholding 1.45%. FICA stands for federal insurance contributions act. The FICA tax consists of both social security and medicare taxes. Irvine CPA tells us that social security and medicare taxes are paid both by the employees and the employer. Both parties pay half of these taxes. Employees pay half and the employers pay the other half. Together both halves of the FICA tax add up to 15.3%. The 15.3% FICA tax is broken down as follows... Social security: employee pays 6.2% Social security: employer pays 6.2% Medicare: employee pays 1.5% Medicare: employer pays 1.45% Together both halves of the FICA taxes add up to 15.3%. The 15.3% FICA tax is broken down as follows.... The social security the employee pays 6.2%. An employer pays 6.2%. With medicare the employee pays 1.5%. An employer also pays 1.45%. For 2012 the employee portion of social security is anticipated to be reduced to 4.2% instead of 6.2%. It is imperative to revert back to the full tax amount for the coming year, as any reduction in rates can cause penalties to be assessed to your company. You most likely make tax payments quarterly. Tax payments should be assessed by your company and each statement filed and reported to the IRS. Irvine CPA knows that this means as an employer you will be required to file and make federal tax deposits on a regular and timely basis. Complete and file your annual tax unemployment tax return (this is form 940) and file your employer's quarterly payroll return (941). Complete and file your annual tax return of federal withheld income-tax (form 845) Complete and file your wage and tax statement (form W2). In some circumstances, you may need to update employee information and withholdings during the year as well. If filing your payroll tax feels like a daunting task, where you really don't understand what to do, there are some agencies out there to help you get everything in order without having to hire tax attorney or CPA. A majority of these businesses are able to contact and assess your tax standing with the IRS and/or state in which your business resides and file any paperwork accordingly. These types of businesses not only can help you get your payroll tax prepared, they can also help you to determine how to start filing for employees, how to add or remove employees from your taxes. These types of services can help provide significant savings, as well as make sure that you are not assessed any penalties for later incorrect filings. For more information and to schedule a free consultation please visit us at: http://cpa-accountant-irvine.com Share this Irvine Accounting System Video: http://youtu.be/0_DPUixHdsQ http://www.youtube.com/watch?v=0_DPUixHdsQ Accounting Services Irvine
Views: 1867 cpamomsirvine
Form W-3 & W-2 - Payroll Taxes
 
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Form W-3 and Form W-2 covering each box of the forms and discussing what they mean. We will start with form W-2, the form we are most familiar with as employees. We will talk about total wages in box one, total wages in box 1 being reduced by things like a 401K plan. We will talk about FIT withholdings in box 2, whithholdings the employer kept to pay employee payroll taxes. We will talk about social security wages in box 3, a number that will have a cap and therefor may be lower then box 1 wages for high income earners. We will talk about medicare wages in box 5 which is often the most accurate number for actual wages earned. We will talk about the relationship between what is reported on form W-2 and what is reported on form w-3, for W-3 being a compilation of the number on all form W-2s. For more accounting information see website. http://accountinginstruction.info/courses/
Davids Tax Services -  Payroll Accounting Taxes - 954-484-8095
 
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Looking for Tax Planning and Preparation in Florida, Accounting & Bookkeeping Alexandria VA, Tax Consulting, Tax Preparation? Give us a Call: 954-4848095 Services We Offered Accounting & Bookkeeping Payroll Tax Planning & Preparation Quickbooks Training Tax Consulting, Small Business Bookkeeping, Tax Preparation, Accounting & Bookkeeping, Payroll, Tax Planning & Preparation, Quickbooks Training, Monthly/Quarterly/Annual Bookkeeping, Payroll Services, Accounting System Setup, Business Tax Return Preparation, General Ledger Preparation, Financial Statements Preparation, Cash Flow & Budgeting Analysis,
Views: 420 Firecracker Agency
GST / HST, Payrol Tax Accounts for Your Business
 
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Register Government Accounts. Start a Business in Canada and register GST/HST, Payroll, Import/Export Accounts. Learn at the Business Development Centre. http://www.bdc-canada.com/BDC/services/government-tax-accounts-main.htm GST/HST Account video http://youtu.be/Hg4DFJpatNY
Views: 14867 BusinessDevCentre
Example: Payroll Liabilities (Tax Entries) | Intermediate Accounting | CPA Exam FAR | Chp 13
 
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Companies also report as a current liability amounts owed to employees for salaries or wages at the end of an accounting period. In addition, they often also report as current liabilities the following items related to employee compensation. 1.Payroll deductions. 2.Compensated absences. 3.Bonuses. Payroll Deductions The most common types of payroll deductions are taxes, insurance premiums, employee savings, and union dues. To the extent that a company has not remitted the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as current liabilities. Social Security Taxes. Since January 1, 1937, Social Security legislation has provided federal Old Age, Survivor, and Disability Insurance (OASDI) benefits for certain individuals and their families. Funds for these payments come from taxes levied on both the employer and the employee. Employers collect the employee's share of this tax by deducting it from the employee's gross pay, and remit it to the government along with their share. The government taxes both the employer and the employee at the same rate, currently 6.2 percent based on the employee's gross pay up to a $118,500 annual limit. The OASDI tax is usually referred to as FICA (the Federal Insurance Contribution Act).
Accounting Tutorial Payroll Tax Liabilities Training Lesson 14.3
 
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FREE Course! Click: https://www.teachucomp.com/free Learn about payroll tax liabilities in accounting at www.teachUcomp.com. A clip from Mastering Accounting Made Easy. http://www.teachucomp.com/free - the most comprehensive Introductory Accounting tutorial available. Visit us today!
Views: 1882 TeachUComp