Question

T/F: The entry to record the employer's payroll taxes would include a debit to an expense account and a credit to one or more liability accounts.

Answer 1

A payroll journal entry is a record of your total payroll costs and the amount you pay your employees. This way, you can look back on employee compensation payments to see details like when they were paid, how much was paid, and where the money went.

Is the cost of payroll taxes a credit or a debit?

Your salary expense account and your payable account are debited and credited respectively for taxes that are withheld from an employee's paycheck. When you file your quarterly payroll taxes and send the payment to the Internal Revenue Service (IRS), debit the payable account and credit your cash account.

When recording payroll, what account is debited?

Pay your wages, salaries, and payroll taxes to the company. Your total costs will rise as a result. When you record payroll, Gross Wage Expense is typically deducted and all liability accounts are credited.

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