Shenzhen Payroll Service
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It's a fact of business—if a company has employees, it has to account for payroll and fringe benefits.
In this explanation of payroll accounting we'll introduce payroll, fringe benefits, and the payroll-related accounts that a typical company will report on its income statement and balance sheet.
Payroll and benefits include items such as:
salaries
wages
bonuses & commissions to employees
overtime pay
payroll taxes and costs
Social Security
Medicare
federal income tax
state income tax
state unemployment tax
federal unemployment tax
worker compensation insurance
employer paid benefits
holidays
vacations
sick days
insurance (health, dental, vision, life, disability)
retirement plans
profit-sharing plans
Many of these items are subject to state and federal laws; some involve labor contracts or company policies.
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