Regarding withholding the LTC/HTC/Child Education Allowance/child Care Leave/Annual Increments/Promotion/Loans of employees who were regularized under the Regularization Policies 2014 - '27/07/2018'
That makes them liabilities. Usually, the employer holds them in different accounts, depending on what they are. They could be Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable, etc. Look up "Payroll Accounting-Journalizing" in your textbook. It should give you some examples.
That makes them liabilities. Usually, the employer holds them in different accounts, depending on what they are. They could be Employee Income Tax Payable, Social Security Tax Payable, Medicare Tax Payable, etc. Look up "Payroll Accounting-Journalizing" in your textbook. It should give you some examples.
ReplyDeleteTimesheet App