Current Liabilities and Payroll Accounting Chapter 11 Chapter 11: Current Liabilities and Payroll Accounting

Empleadores incurren en gastos y pasivos al tener empleados. Payroll Liabilities P 2 Empleadores incurren en gastos y pasivos al tener empleados. Most of you have probably worked at some time in your life. You know that amounts are withheld from your paycheck, and you may have wondered how this money is handled by your employer. You may not know that your employer pays payroll tax expenses in connection with having you on the payroll. These are not amounts withheld from your paycheck but are costs to your employer.

Employee Payroll Deductions Pago Bruto Gross pay is the amount you actually earn during a pay period. Out of your gross pay, amounts are withheld for social security (FICA) taxes, Medicare taxes, and federal income taxes. If you live in a state or locality that has an income tax, additional amounts will be withheld. In addition to this mandatory withholding, you may elect to have amounts withheld from your gross pay. For example, you may be eligible to participate in a contributory retirement plan or a medical reimbursement plan. Your gross pay less all withholdings, mandatory and voluntary, is your net pay. This is the amount of cash you can put in the bank. Medicare Taxes Federal Income Tax State and Local Income Taxes Voluntary Deductions FICA Taxes Pago Neto

Employee FICA Taxes Federal Insurance Contributions Act (FICA) FICA Taxes — Soc. Sec. FICA Taxes — Medicare 2008: 6.2% de los primeros $102,200 ganados en el año ( Max = $6,324). 2008: 1.45% de todos los salarios ganados en el año The rate of withholding for FICA taxes and Medicare taxes varies from year to year, but in 2008, the FICA rate was 6.2 percent on the first $102,000 of gross pay. The Medicare rate of 1.45 percent was applied on all of your gross pay in 2008, as well. Your employer is required to match the amounts withheld for FICA and Medicare on a dollar for dollar basis. For every $10 of FICA taxes withheld from your paycheck, your employer must also pay $10 on your behalf to the Internal Revenue Service. Empleadores deben pagar contribuciones retenidas al Internal Revenue Service (IRS).

State and Local Income Taxes Employee Income Tax P 2 State and Local Income Taxes Federal Income Tax Cantidades retenidas dependen de las ganancias de los empleados, porcientos de contribuciones y las cantidades de concesiones retenidas. The amount of income taxes withheld from your gross pay usually depends on how much you earn during the pay period and the number of withholding allowances you claimed on the W4 form you completed when you first went to work. Empleadores deben pagar contribuciones retenidas de la ganancia bruta del empleado a la agencia de gobierno apropiada.

Employee Voluntary Deductions Deducciones Voluntarias Cantidades retenidas dependen de la voluntad del empleado. Ejemplos incluyen cuotas de uniones, cuentas de ahorro, contribuciones de pensiones, primas de seguros y donaciones. The amount withheld from gross pay for voluntary deductions depends upon which plans you participate in at your place of employment. Your employer makes payments to the proper designated agencies for amounts you have withheld as voluntary deductions. Empleadores deben cantidades voluntarias retenidas del pago bruto de los empleados a las agencias designadas.

Recording Employee Payroll Deductions La entrada para registar gastos de nómina y deducciones puede verse así: $4,000 ´ 6.20% = $248 $4,000 ´ 1.45% = $58 Here is an example of a typical payroll entry to record the employees’ withholdings and net pay. The amount of net pay is credited to accrued salaries payable when the payroll is prepared. When the paychecks are written, the journal entry is to debit, or eliminate, accrued salaries payable for $3,126 and credit cash for the same amount.

Employer Payroll Taxes Medicare Taxes Federal and State Unemployment Taxes FICA Taxes Empleadores deben pagar cantidades iguales a lo retenido del empleado en su pago bruto. Your employer must match your contributions for FICA and Medicare taxes.

End of Chapter 11 End of Chapter 11.