Are you ready to master the payroll process and all related journal entries? In this video, we break down the payroll process step-by-step and cover essential concepts such as employee information gathering, calculating gross pay and deductions, and recording all necessary journal entries. Whether you’re an accounting student or a seasoned professional, this guide will help you streamline payroll processing and ensure accuracy.

In this video, we cover:

Gathering Employee Information
Calculating Gross Pay
Calculating Deductions
Recording Payroll Journal Entries
Entry 1: Recording Gross Wages
Entry 2: Recording Employee Deductions
Entry 3: Employer Payroll Taxes
Entry 4: Paying Employees
Entry 5: Remitting Payroll Taxes
Paying Employees
Remitting Payroll Taxes
Filing Payroll Reports
Key Journal Entries Explained:

Wages Expense
Wages Payable
Federal and State Tax Withheld
FICA Tax Payable
Health Insurance Payable
Net Payroll Payable
Payroll Tax Expense
Cash Entries for Payments and Remittances
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