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PAYROLL ACCOUNTING (S) REGIONAL 2018 ANSWER KEY Page 1 of 4PAYROLL ACCOUNTING (125) Secondary REGIONAL 2018 Multiple Choice & Matching: Multiple Choice (15 @ 2 points each)___ (30 points)Short Answer
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Payroll accounting refers to the process of managing and recording employee compensation, including wages, salaries, bonuses, and deductions for taxes and benefits.
Employers are required to file payroll accounting for all employees for whom they withhold taxes and provide compensation.
To fill out payroll accounting, employers must accurately report employee wages, tax withholdings, and other deductions using the required forms as defined by tax authorities.
The purpose of payroll accounting is to ensure accurate record-keeping of employee compensation and compliance with tax laws.
Payroll accounting must report employee names, Social Security numbers, wages earned, tax withholdings, and any deductions for benefits.
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