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Hello,
What are the final journal entries to record Payroll by an outside payroll company that has already completed and paid all of the payroll taxes? Am I able to just record the expenses or is there still liability entries that need to be completed…
The payroll company deducts one lump sum from our business checking which includes: Gross Payroll, Tax Withholding, 401K, Medical and a 401K loan payment as well as a service fee. This is my first time entering outsourced payroll so I am not sure how…
