General Ledger
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Description
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A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
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A general ledger is a journal containing accounting transactions related to a company’s assets, liabilities, equity, revenue, and expenses.
A deduction is a monetary amount subtracted from an employee’s taxable income that reduces the amount paid on a pay statement.
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Pay groups are assigned to a set of employees and define how they are paid. Pay groups determine pay frequency, pay schedule, and processing steps.
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There are three categories of payroll taxes and statutory deductions: those that the employee and the employer pay, those that only the employee pays, and those that only the employer pays.
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Earnings identify different types of employee compensation for services provided. Earnings can also include specific parameters such as accounting rules, tax laws, and reporting requirements.
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Payroll taxes are calculated based on the total compensation of each employee. Federal and State withholding taxes are based on the Form W-4 information for each employee.
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The Record of Employment (ROE) is the form employers process for employees receiving insurable earnings who stop working and experience an interruption of earnings.
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