323 – Taxes Payable – Payroll

Current Liabilities

Accrued Liabilities

Synopsis

Account 323

Debits

Credits

  1. Amounts paid to designated depository banks and Federal Reserve Banks.

  2. Amounts remitted with calendar quarter FlCA tax return.

  3. Tax withholdings paid to designated government agencies.

  4. Tax payments to state agencies.

  5. Amounts paid to local governments.

  6. Amounts paid to state agencies for unemployment taxes.

 

  1. FICA taxes withheld from employees' earnings.

  2. Employer's portion of FlCA tax.

  3. Federal income tax withheld from employees' earnings.

  4. State income tax withheld from employees' earnings.

  5. Local (city and county) income taxes withheld from employees' earnings.

  6. The monthly accrual for state unemployment taxes.

 

Remarks:

The balance in this account represents taxes withheld from employees, and the accrued employer portion, not yet paid.

Current applicable tax rates should be used in computing the employee and employer tax liability.  Payroll taxes should be paid on or before the required due date to avoid penalties.

Current applicable tax rates (Tax Tables) should be used in determining the employee withholding tax liability.

Instructions of the taxing agency should be followed in determining the liability and payment of unemployment taxes.

Note: