To create payroll journal entries for these deductions, make a row for each type of tax titled “[tax name] payable.” Record each tax amount as a credit. Then, record the sum of these credits as a ...

When booking the journal entry, you must also create a debit for the amount of employer tax liability. Both the employer and the employee pay for certain portions of payroll taxes that go toward ...

4 steps to create a payroll budget. Creating a payroll budget involves identifying every role or employee within a company ...