Payroll Training In Chandigarh

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Payroll Training In Chandigarh
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What is payroll ?

• The payroll tax is a multitude of taxes that are
  paid by the employer and in some cases, withheld
  from an employee's paycheck. The employer then
  remits these taxes to the appropriate tax
  authorities.

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What is the process of payroll ?

• Payroll processing refers to the task of managing
  the payment of wages by a company to its
  employees. The steps involved in payroll
  processing typically include gathering employee
  time information for a selected time period,
  managing benefits deductions, and distributing
  employee pay for that time period.

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What is payroll management in HR ?

• Payroll Functions. Payroll refers to the process
  by which employees receive their salary.
  Functions involve balancing and reconciling
  payroll data and depositing and reporting taxes.
  The payroll department takes care of wage
  deductions, record keeping and verifying the
  reliability of pay data.

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What type of expense is payroll tax ?

• Two examples of payroll taxes that are not
  withheld from employees but which must be
  remitted to the government by the employer are
  the employer's portion of the FICA or Social
  Security and Medicare taxes and the state and
  federal unemployment taxes. Since these are to be
  paid by the employer, these are expenses.

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What is the journal entry for payroll ?

• Here is the journal entry to record the payment
  of the paycheck Notice the Wage Expense is
  debited for the gross pay. We have credited a
  liability account for each of the tax amounts.
  Sometimes you will see all the taxes lumped
  together into one account called Payroll Taxes
  Payable.

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What type of expense is payroll tax ?

• Two examples of payroll taxes that are not
  withheld from employees but which must be
  remitted to the government by the employer are
  the employer's portion of the FICA or Social
  Security and Medicare taxes and the state and
  federal unemployment taxes. Since these are to be
  paid by the employer, these are expenses.

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CBitss Technologies SCO-23, 24,25, Level 3,Near
Passport office, Sector 34 A, Chandigarh
CBitss Technologies Contact Us 9914641983
Website cbitss.co.in
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