Question

when writing checks for payroll, a firm will debit salaries and wages payable, as well as payable accounts for any taxes that have been withheld from employee earnings. group startstrue or false

Answer 1

It is true that a firm will debit salaries and payable accounts for any taxes, while writing checks for payroll.

What is a payroll tax credit?

Wage tax and national insurance contributions are reduced by the payroll tax decrease. The components of this tax credit vary depending on the employee's age and the wage format you use. Only after receiving a formal request from the employee can you implement the payroll tax reduction.

Taxes deducted from employee paychecks are recorded as a credit to your payable account and a debit to your salary expense account. When you submit your quarterly payroll taxes and make the IRS payment, debit the payable account and credit your cash account. Due to the fact that payroll is a fee you must pay, it has an impact on assets and liabilities in the accounting equation.

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