Payroll Taxes

Payroll taxes include all the tax items withheld from the paycheck of the employee and those matching taxes from the employer. In addition, FUTA and SUTA is included (Unemployment Taxes). The articles associated with payroll taxes explain compliance requirements and deadlines.

Accrued Payroll – An Explanation

Accrued Payroll

Accrued payroll is a current liability comprised of four sections. The first is the amount of payroll earned by staff and not yet processed or paid. The second is the dollar value of personal time off accumulated for each employee aggregated into one number. The third consists of payroll taxes owed to the respective governmental authorities and the final section comprises the accumulated benefits payable such as health insurance, retirement contributions, and amounts owed to third parties as deductions from the gross payroll.

Service Equals Timeliness and Accuracy

Timeliness and Accuracy

In the world of accounting, we stand on two principles; timely and accurate information for the client. Without either, the client can’t make good decisions. As accountants our job is to record economic transactions and report this information in a financial format. For the client it is imperative that the information is provided in a reasonable period of time after the activity.