Information for Employers regarding how and when deductions can be made.
Employer Training Memo - Payroll Deductions
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The primary payroll journal entry is for the initial recordation of a payroll. This entry records the gross wages earned by employees, as well as all withholdings from their pay, and any additional taxes owed to the government by the company.
Debit "Wages Expense" for the full amount the company must pay for the pay period. Credit "Net Payroll Payable" and any deductions required. Add the total number of debits and then add the total number of credits.
Box A: Employee's Social Security number. Box B: Employer Identification Number (EIN) Box C: Employer's name, address, and ZIP code. Box D: Boxes E and F: Employee's name, address, and ZIP code. Box 1: Wages, tips, other compensation. Box 2: Federal income tax withheld. Box 3: Social Security wages.
Taxes that are withheld from an employee paycheck are entered as a debit to your salary expense account and a credit to your payable account. Debit the payable account and credit your cash account when you file your quarterly payroll taxes and issue the payment to the IRS.
Debit "Wages Expense" for the full amount the company must pay for the pay period. Credit "Net Payroll Payable" and any deductions required. Add the total number of debits and then add the total number of credits.
Can employers deduct your pay for training? If the employer is relying on a contract provision or written consent from the employee, the answer is Yes. If the deduction for training occurred without such authority, then the deduction would be illegal and the employee may have a potential employment claim.
Create a journal entry to record the total payroll: Debit the salary expense account for the total amount of the payroll. Credit the tax payable accounts for the total amount withheld from employee paychecks. Credit the cash account for the amount issued to the employees as net pay.
Payroll Withholdings are Liabilities (The taxes withheld from employees are not an expense of the company that withheld them.) The payroll taxes that are not withheld from employees are expenses of the employer and are liabilities until the amounts are remitted.
Box A: Employee's Social Security number. Box B: Employer Identification Number (EIN) Box C: Employer's name, address, and ZIP code. Box D: Boxes E and F: Employee's name, address, and ZIP code. Box 1: Wages, tips, other compensation. Box 2: Federal income tax withheld. Box 3: Social Security wages.