October 30, 2016 admin

Employee Income Taxes Withheld—Payable State/Local

Liabilities and Net Worth

EMPLOYEE INCOME TAXES WITHHELD—PAYABLE STATE/LOCAL LIABILITY ACCOUNT
2139

ACCOUNT EXPLANATION
Income taxes withheld from employees’ earnings for remittance to state and local governmental agencies.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Withholding of state and local income taxes from employees’ earnings PR
    Accrued Payroll 2410
      Employee Income Taxes Withheld— Payable State & Local 2139
             
  Payment of withheld state and local income taxes to governmental agencies CD
    Employee Income Taxes Withheld—Payable State & Local 2139
      Cash in Bank—General 1001
COMMENTS
  • Account 2130 should be used for federal income taxes withheld.
  • Any balance in this account at month end should be reconciled to supporting information.
  • Deductions and remittance should be in conformity with regulations of the governmental agencies.