Want this question answered?
Married Filing Separate will withhold a higher amount than Married Filing Joint. That is the only difference as far as withholding goes.
The income tax is what is paid by "withholding of tax" from someones payment/pay. Other taxes or charges, like insurance, worker comp, etc may be [apd by withholding the amount from payment/payroll. There is really no such thing as a tax on withholding.
Payroll withholding is NOT an expense to the Company...it is part of payroll that you send to the IRS/State rather than give to the employee...although the cost of it is his salary. Other payroll costs are recorded as what they are..insurance, employee benefits, etc.
A payroll expense is an expense for an employee of a business. It is what is used to pay the workers in a company or organization.
Like any other accrued liability/account payable, own account is nice, not entirely nessasary. It is charged as part of payroll expense (which it is).
Married Filing Separate will withhold a higher amount than Married Filing Joint. That is the only difference as far as withholding goes.
The income tax is what is paid by "withholding of tax" from someones payment/pay. Other taxes or charges, like insurance, worker comp, etc may be [apd by withholding the amount from payment/payroll. There is really no such thing as a tax on withholding.
Payroll withholding is NOT an expense to the Company...it is part of payroll that you send to the IRS/State rather than give to the employee...although the cost of it is his salary. Other payroll costs are recorded as what they are..insurance, employee benefits, etc.
A payroll expense is an expense for an employee of a business. It is what is used to pay the workers in a company or organization.
Like any other accrued liability/account payable, own account is nice, not entirely nessasary. It is charged as part of payroll expense (which it is).
between centralized and decentralized payroll
Payroll Deductions
Federal Income Tax Withholding.
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
Taxable incomes
Debit payroll expense credit cash account
Federal Withholding Tax