Payroll accounting involves a company's recording of its employees' compensation including:
- gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees
- withholding of payroll taxes such as federal income taxes, Social Security taxes, Medicare taxes, and state income taxes (if applicable)
- withholding for the employees' portion of health insurance premiums, employees' contributions to savings plans, garnishments of salaries and wages, employees' contributions to charities, etc.
- employer's expense for Social Security taxes, Medicare taxes, and state and federal unemployment taxes
- employer's expense of fringe benefits such as health and dental insurance, paid holidays, vacations and sick days, pension and savings plan contributions, worker compensation insurance, etc.
GMG CPA offers full service payroll accounting. Our experts can make sure that your payroll is done right.