Payroll Accounting Assignment Help
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What is payroll accounting?
A company pays to its employees to work for them. In other words the employees are kept on a payroll that they receive at the end of every month. Payroll accounting is keeping the record of all that financial information. In this article for Payroll accounting assignment help the compensations for an employee can be categorized as
• Gross wages, salaries
• Bonuses and commissions over extra works.
• Federal income taxes, medicare taxes
• State income and social security taxes
• Paid holidays, vacations and sick leaves etc.
If any employee is paid weekly and the company has a monthly calendar for payment then the company should accrue the benefits earned by the employees as per the date listed in financial statements.
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Steps for payroll accounting
Our Payroll accounting assignment help article writers list certain steps used in it as below
1. The newly joined employees should go through a process of filing up the payroll specific information during the hiring process.
2. The work hours done by the non exempted employees should be recorded while the salaried employees require no change in the payment done for every payroll.
3. Let the supervisors verify the information collected in step two.
4. The number of hours worked by the employees should be multiplied by their pay rates.
5. All the tax exemptions are applied and the employees can be asked to make certain changes in the paycheck.
6. Our Payroll accounting assignment help writers suggest that IRS tax tables can be used for determining the amount of tax deducted form an employee’s gross income.
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