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Gnucash 2.4 Small Business Accounting by Ashok Ramachandran

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Time for action - making payroll entries in GnuCash

We are going to enter the payroll accounting entries for one employee with appropriate deductions for federal and state income tax and FICA tax:

  1. We have created a spreadsheet of the calculations that we are going to use in making the payroll entries. Take a moment to study the following screenshot:
    Time for action - making payroll entries in GnuCash
  2. Create the expense accounts: You need two expense accounts one Payroll Expenses for gross pay and another Employer FICA Tax for the company contribution to FICA tax.
  3. Create the liability accounts: The tax amounts deducted from the employee's gross pay are owed to the appropriate government agencies. We ...

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