Accrued payroll is another term for accrued wages and salaries, which are labor costs that companies incur over time. Because companies pay employees wages and salaries periodically, daily journal ...

Tracking your company’s spending is essential for maintaining accurate financial records. One financial accounting method businesses use is the payroll journal entry. Payroll journal entries record ...

The accrual method of accounting is accepted by the generally accepted accounting principles, also known as GAAP. Under this methodology, revenue and expenses are recognized in the accounting books as ...

There are a number of deductions that will occur from most employee’s compensation. Among these are applicable federal and state income taxes. Social Security deductions are also taken from each ...

An employer is responsible for paying its share (6.2 percent) of Social Security taxes and its share (1.45 percent) of Medicare taxes for each employee’s covered wages. Generally, an employer must ...