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do you include federal and ss / medicare taxes and other payroll liabilities or is it based solely on gross salary?
Submitted: 1070 days and 22 hours ago.
Category: Finance
Value: $15
Status: AWAITING CUSTOMER ACTION
Answer
Hello Mrstroyer,
Your month end accruals should include all liabilities incurred but not paid. You received the benefit of the work in one period but you plan to pay in the next period. Your period expenses need to match the timing of when the business realized the benefit. Therefore salary, benefits, federal, SS/Medicare, and other payroll liabilities should be included in your accural.
Good luck!
Expert:
Trault
Pos. Feedback:
100.0 %
Accepts:
12
Answered:
4/11/2007
Sr. Financial Analyst
Sr. Financial Analyst w/ Big Pharma Co., Ivy League Chem Engineer w/ MBA
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