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What is the purpose of doing the calculation Beginning salaries and wages payable PLUS Salaries and wages expense MINUS cash payments to employees EQUALS Ending salaries and wages payable?
Wiki User
∙ 16y ago
The main purpose of this calculation is to find the salary and wages payable liability to show in the liability side of the balance sheet.
Wiki User
∙ 16y ago
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What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
What are the methods of payments to employees?
Common methods of payments to employees are direct deposit, paper checks, and PayPal deposits. When given a choice, most employees chose electronic methods of payment (direct deposit or PayPal) due to the convenience.
Is Wage payments a fixed cost or Variable cost?
Wages are generally based on an hourly rate, therefore they are generally a variable cost. Think for instance at a manufacturing business and the production of a specific product. A calculation can be made on the labour cost needed (budget), which will later be compared to actual cost incurred. These are generally based on a number of labour hours needed/used multiplied by an hourly rate. Salaries are generally considered a fixed cost.
How do you pay FICA when you change jobs?
If your an employee, it remains the employers responsibility to handle it in payroll withholding. If your not an employee, the self employment tax is part of your estimated payments and tax return calculation.
Give another example of a fixed cost?
A fixed cost is one that does not change. At least for about a year or so. Good examples of fixed costs would be insurance, rent, periodic load payments, interest paid, fixed permanent employee salaries.
What are the accounting journal entries to record payments to employees for salaries?
Debit salaries expenseCredit cash / bank
Explicit costs are payments the firm makes for?
Inputs such as wages and salaries to its employees.
How do you spell salaries?
That is the correct spelling of the plural noun "salaries" (payments to employees).
What is grade pay?
Grade pay is a way to organize payments for different types of employees at a large company or organization. Job positions are assigned a pay grade and employees receive salaries within the range for that pay grade.
Is that okay to garnish child support payment from corporation?
Corporations are not parents of children and do not pay child support. Garnishing child support payments from the wages/salaries of corporate employees is done routinely.
What has the author Mark Daniel written?
Mark Daniel has written: 'Compensation in Canada' -- subject(s): Officials and employees, Wages, Salaries, Non-wage payments 'Integration of effort' -- subject(s): Organizational effectiveness
Daily or weekly payment is called?
Daily or weekly payments to workers or employees are called wages whereas monthly payments are called salaries but it also has some other meaning in French which can be found out from francewholesalers.com
What are implicit and explicit?
Explicit costs are payments the firm makes for inputs such as wages and salaries to its employees, whereas implicit costs are non-expenditure costs that occur through the use of self owned resources such as foregone income.
What is the work of personnel departments?
Personnel department of an organization is set up for the management of manpower resources. Functions of personnel department are: * Analyzing manpower requirement by job analysis * Recruitment * Selection of suitable candidates for vacant positions * Placement,orientation and induction of new employees * Training and development of employees * Performance appraisal * Promotion or demotion of employees * Compensation * Analyzing wage rates salaries and payments of employees * Retirements
Importance of salary?
There are a great many different reasons why salaries are important. Salaries help people to feel secure about having money for their house payments for example.
What is paid out?
"Paid out" typically refers to the act of disbursing or distributing funds or payments to someone or something. It can refer to various situations where money is being transferred or given out, such as paying wages or salaries to employees, making payments to suppliers or vendors, or issuing refunds or reimbursements to customers. When funds are "paid out," it means that they are being released or distributed from a source to a recipient.
What are the methods of payments to employees?
Common methods of payments to employees are direct deposit, paper checks, and PayPal deposits. When given a choice, most employees chose electronic methods of payment (direct deposit or PayPal) due to the convenience.
