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Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Employers are legally required to make tax deposits on time.

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Presentation on theme: "Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Employers are legally required to make tax deposits on time."— Presentation transcript:

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2 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Employers are legally required to make tax deposits on time and to report the earnings of each employee. Employers must pay taxes in addition to the amounts withheld from their employees. This is an expense for the business. Glencoe AccountingCopyright © by The McGraw-Hill Companies, Inc. All rights reserved. Home

3 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Analyzing and Journalizing the Payroll Salaries Expense The expense account used to record employees’ earnings. Employee earnings are an operating expense and are often recorded in the Salaries Expense account. Journalizing and Posting the Payroll Section 13.1 Home

4 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Analyzing and Journalizing the Payroll Journalizing and Posting the Payroll Section 13.1 Each type of payroll liability is recorded in a separate account. Home

5 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Analyzing and Journalizing the Payroll Journalizing and Posting the Payroll Section 13.1 Business Transaction Zip’s payroll register in Figure 12-5 on page 323 is the source document for the payroll. See pages 344–345 Home

6 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Analyzing and Journalizing the Payroll Journalizing and Posting the Payroll Section 13.1 Business Transaction See page 345 Zip’s payroll register in Figure 12-5 on page 323 is the source document for the payroll. Home

7 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Posting the Payroll Entry Journalizing and Posting the Payroll Section 13.1 See page 346 Home

8 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Posting the Payroll Entry Journalizing and Posting the Payroll Section 13.1 See page 347 Home

9 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Posting the Payroll Entry Journalizing and Posting the Payroll Section 13.1 See page 347 Home

10 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Payroll Tax Expenses Employer’s Payroll Taxes Section 13.2 Taxes on employees’ wages include: Employer’s FICA Taxes Federal Unemployment Tax State Unemployment Tax Home

11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Payroll Tax Expenses Employer’s Payroll Taxes Section 13.2 Who pays FICA taxes? Employees Employers What are the current rates? 6.2% for Social Security Tax 1.45% for Medicare Tax Home

12 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Payroll Tax Expenses Employer’s Payroll Taxes Section 13.2 unemployment taxes Taxes collected to provide funds for workers who are temporarily out of work; usually paid only by the employer (FUTA and SUTA). There are two unemployment laws that require employers to pay unemployment taxes: Federal Unemployment Tax Act (FUTA) State Unemployment Tax Act (SUTA) Home

13 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Payroll Tax Expenses Employer’s Payroll Taxes Section 13.2 Federal Unemployment Tax Act (FUTA) Law that requires employers to pay unemployment taxes to the federal government. There are two unemployment laws that require employers to pay unemployment taxes: Federal Unemployment Tax Act (FUTA) State Unemployment Tax Act (SUTA) Home

14 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Payroll Tax Expenses Employer’s Payroll Taxes Section 13.2 State Unemployment Tax Act (SUTA) Law that requires employers to pay employment taxes to individual states. There are two unemployment laws that require employers to pay unemployment taxes: Federal Unemployment Tax Act (FUTA) State Unemployment Tax Act (SUTA) Home

15 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Journalizing the Employer’s Payroll Taxes Employer’s Payroll Taxes Section 13.2 The payroll taxes are recorded as business expenses in the Payroll Tax Expense account Payroll Tax Expense The expense account used to record the employer’s payroll taxes (FICA, FUTA, SUTA). Home

16 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Journalizing the Employer’s Payroll Taxes Business Transaction See page 351 Zip’s payroll register in Figure 12-5 on page 323 is the source document for the payroll tax. Employer’s Payroll Taxes Section 13.2 Home

17 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Journalizing the Employer Payroll Taxes Business Transaction See page 351 Zip’s payroll register in Figure 12-5 on page 323 is the source document for the payroll tax. Employer’s Payroll Taxes Section 13.2 Home

18 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Posting Payroll Taxes to the General Ledger See page 352 Employer’s Payroll Taxes Section 13.2 Home

19 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Posting Payroll Taxes to the General Ledger See page 352 Employer’s Payroll Taxes Section 13.2 Home

20 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Businesses pay FICA and federal income taxes withheld at regular intervals. Zip pays $922.01 payroll tax liabilities July 15 including $395.18 employees’ federal income taxes, $426.90 social security taxes, and $99.93 Medicare taxes. Business Transaction See pages 354–355 Home

21 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Businesses pay state and local income taxes withheld at regular intervals. Zip pays $349.59 to the state. This is the amount of state income tax withheld from employees’ earnings, as indicated in the account shown in Figure 13-2. Business Transaction See pages 355–356 Home

22 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Most businesses pay the FUTA tax quarterly, unless it is less than $100 and only an annual payment is needed. Zip pays $130.19 for FUTA taxes. This is the balance of the Federal Unemployment Tax Payable account shown in Figure 13-2. Business Transaction See pages 356–357 Home

23 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 State unemployment taxes are usually paid quarterly. Zip pays $870.30 to the state, as shown in Figure 13-2. Business Transaction See pages 357–358 Home

24 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Payments for voluntary deductions are also made. On July 15 Zip pays $28.38 for hospital insurance premiums (Refer to Figure 13-1). Business Transaction See page 358 Home

25 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Posting the Payment of Payroll Liabilities See page 359 Home

26 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Posting the Payment of Payroll Liabilities See page 359 Home

27 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Paying the Payroll Tax Liabilities Tax Liability Payments and Tax Reports Section 13.3 Posting the Payment of Payroll Liabilities See page 360 Home

28 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Preparing Payroll Tax Forms Tax Liability Payments and Tax Reports Section 13.3 See page 361 Home

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