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Video instructions and help with filling out and completing Can Form 5495 Liability

Instructions and Help about Can Form 5495 Liability

What we're going to be going through here are some employee related liabilities here and specifically looking at payroll deductions now common types of payroll deductions are taxes insurance premiums employee savings and union dues that the employee would be paying now if a company has not remitted the amounts deducted to the proper authority here for these payroll deductions at the end of the accounting period it should recognize them here as a current liability here that the company would recognize current liability for whatever those payroll deductions are now let's just look at we're going to be looking at some examples some governmental types of payroll withholding taxes here and first would be Social Security taxes or the FICA tax here you report the amount of unremitted tax on the gross wages paid as a current liability here and as an operating expense now looking at unemployment taxes or food is as they refer to it here you'd record the amount of a crude but unpaid employer contributions as an operating expense and as a current liability when preparing your financial statements and then for income tax withholding you'd have both federal and state here the tax laws require that the employers withhold from each of the employees pay the applicable income tax due on these wages here so what you have to do here is you have to determine what your payroll deductions would be here you'd have to class them by the various items and and then what you'd want to do is you'd have to set a determine who pays what here for each of those items and then you'd separate them out here what the employee would be paying here and then what the employer would be paying here so you'd separate those things...