Payroll accounting is the process of recording payroll expenses and liabilities in the general ledger, which is a central repository for the company’s financial accounts.

These expenses and liabilities include:

Regular gross salary/wages plus other types of employee compensation, such as tips, bonuses, commissions, and overtime pay Taxes withheld from employees’ wages, such as federal income tax, Social Security tax, Medicare tax, and applicable state and local taxes Other deductions from wages, such as for payroll taxes, wage garnishment, and voluntary benefits like health insurance, 401k, and life insurance Employer share of payroll taxes, including Social Security tax, Medicare …

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