Course Content

Course Content

FAQs

Payroll accounting is keeping track of your payroll transactions, such as salaries, wages, bonuses, commissions, and so on. Federal and state income taxes, as well as Social Security and Medicare taxes, are withheld from employees' paychecks.

The journal entry for payroll is similar to the journal entry for general ledger. This account is used to record all of your payroll expenses. These expenses can be broken down into a number of items, including wages, taxes and benefits.

Payroll accounting is the process of calculating, managing, recording, and analysing the compensation of employees. It covers an employee's base income as well as various types of compensation earned during the course of their employment.

The Salary Expense is deducted since salaries are an expense. Salaries Payable, on the other hand, are a liability that is credited on the company's records.

Payroll and bookkeeping are not the same. Payroll is the process of managing employee payroll, including the calculation of pay, benefits, and taxes. Bookkeeping is a process of recording financial transactions.

Recommended Courses

Share With Friend

Have a friend to whom you would want to share this course?

Download LearnVern App

App Preview Image
App QR Code Image
Code Scan or Download the app
Google Play Store
Apple App Store
598K+ Downloads
App Download Section Circle 1
4.57 Avg. Ratings
App Download Section Circle 2
15K+ Reviews
App Download Section Circle 3
  • Learn anywhere on the go
  • Get regular updates about your enrolled or new courses
  • Share content with your friends
  • Evaluate your progress through practice tests
  • No internet connection needed
  • Enroll for the webinar and join at the time of the webinar from anywhere