Payroll
Illustrative Entries

 

7-31-XX

Salaries Expense

  

3,000

  
            Federal Income Tax Payable    

349
            State Income Tax Payable    

117
            Social Security Payable    

180
            Medicare/Medicaid Payable    

45
          Insurance Payable

175
            Retirement Contribution Payable    

200
            Charitable Contribution Payable    

25
            Health/Child Flex Payable    

75
          Cash

1,834
  To record payroll of Fictitious      

 

7-31-XX

Payroll Tax Expense

  

225

  
 

Employee Benefits Expense

  

675

  
            Social Security Payable    

180
            Medicare/Medicaid Payable    

45
 

          FUTA Payable

    

0
            SUTA Payable    

0
            Insurance Payable    

475
            Retirement Contribution Payable    

200
  To employer portion of payroll taxes and benefits